MANILA, Philippines —The country’s financial regulators are “closely monitoring developments” following the announcement of global financial giant Citigroup that it would withdraw from retail banking in smaller markets around the world, including the Philippines, as part of broader strategy shift.
In a statement, the Bangko Sentral ng Pilipinas said it is coordinating with the local unit of Citibank N.A. “to ensure a smooth transition, including putting in place appropriate mechanism to timely respond to any queries and concerns of its depositors and other stakeholders.”
The bank announced last week that, as part of a strategy refresh, it intends to focus its Global Consu…
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