Citibank Savings doubles capital base to P3 billion

MANILA, Philippines - Citibank Savings Inc., the thrift bank unit of US banking giant Citibank, has secured the Securities and Exchange Commission’s approval of its plan to double its capital base to P3 billion.

SEC documents show that of Citibank Savings’ total authorized capital stock, P2.236 billion has been subscribed and paid in cash.

“The additional capital will allow us to pursue a key strategy – which is to grow our personal lending activities in Citibank Savings,” said Citibank Savings chairman and Citibank Philippines country business manager Mark Jones.

Jones said Citibank Savings recently completed the acquisition of the loan portfolio of Citifinancial.

“Citibank Savings now has the ability to offer a whole suite of financial products from one location – deposits and loans, as well as refer insurance and investment solutions. Our clients can now avail of a complete suite of financial solutions as we have scaled up our branches to become financial destinations,” Jones said.

Citibank last month announced plans to invest $15 million for the improvement of its banking infrastructure, products and services in the Philippines.

To attract more customers, Citibank will invest in strengthening competitive edge in mobile banking, upgrade phone system (voice response system for clients, credit card constant rewards).

Its thrift bank unit Citibank Savings will expand its network coverage, specifically in providing easy access to ATM (automated teller machine) and loan centers.

Citibank, one of the largest foreign banks operating in the country, currently has around 1.2 million credit card holders in the country and expects this to grow by 20 percent this year. 

Aside from this, Citibank is hoping to beef up its knowledge outsourcing business here by as much as 30 percent.

With over 4,200 employees, Citibank Philippines has five branches: Makati, Greenhills, Libis, Binondo and Alabang.