Citibank Savings building up nationwide branch network

Citibank Savings, the thrift banking arm of global financial giant Citigroup in the Philippines, is slowly building up its network with the opening of two new branches in Mindanao.

The bank recently opened its newest branch in Davao City, following the formal launching of its Cagayan de Oro branch.

Bank officials said one or two more branches are in the pipeline for Mindanao with Gen. Santos City and Saranggani as among the ideal sites.

The two Mindanao branches are part of Citibank Savings’ 25 renovated branches, with 11 more branches in line for renovation or relocation.

"Our presence in Cagayan de Oro allows us to serve new markets, as well as signifies Citigroup’s strong commitment to the region and to the Philippines," said Mark Jones, Citibank Savings chairman and country business manager for Citibank Philippines.

Jones added that as the provincial capital of Misamis Oriental, Cagayan de Oro is the gateway to Northern Mindanao and home to the main offices of business and trade centers in the Cagayan-Iligan corridor.

From its soft opening, Citibank Savings Cagayan de Oro enjoyed brisk business with deposits up by more than 150 percent as the number of accounts doubled.

The bank also reported a 55-percent growth in its savings and current account deposits in the first semester.

Citibank Savings president Jeffrey Choa said the bank "is ready to serve clients with attractive deposit and personal loan products."

He added that clients who maintain foreign currency deposits will also find banking with Citibank Savings attractive, as its ATM machine can be used for dollar withdrawals. When travelling, its ATM card is accepted at 860,000 ATMs around the world, and withdrawals conveniently made in the local currency.

In Metro Manila, Citibank Savings branches are located in: Calooocan City; Sucat in Parañaque; Ermita and Binondo in Manila; Shaw Boulevard; Alabang; Ortigas; Ayala Avenue, Pasong Tamo, Pasay Road and Legaspi Village in Makati; and Katipunan, Congressional Avenue, Tomas Morato, Del Monte, and West Triangle in Quezon City.

Among its provincial branches are in Batangas, Dagupan City and San Pablo City in Luzon; Cebu, Bacolod and Iloilo City in the Visayas; and Cagayan de Oro and Davao in Mindanao.

Bank officials said they are still improving the infrastucture for the remittance business with the ATM money card with an alliance through BancNet and MasterCard.

The bank will also soon launch an auto loan product and mortgage or property loans with credit and debit cards.

Also in the pipeline are a dollar checking account, phone and online billing products, including Internet banking facilities which will complement its planned banking products for small and medium enterprises (SMEs).