$1B bidding war: Sy-blings, Ty-blings, Ayalas, Aboitizes to make offers for Citigroup’s Philippine assets – report
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$1B bidding war: Sy-blings, Ty-blings, Ayalas, Aboitizes to make offers for Citigroup’s Philippine assets – report

Four of the country’s biggest banks are expected to make a bid for the consumer and retail businesses of Citibank Philippines.

According to a report by Bloomberg, BDO Unibank of the Sy family, Metropolitan Bank & Trust Co. of the Tys, Bank of the Philippine Islands of the Ayalas and Union Bank of the Philippines of the Aboitizes are expected to submit offers for Citigroup’s Philippines assets before the deadline on Friday, October 22.

Aside from the Philippines, Bloomberg reported Citigroup would take offers for its consumer assets in Indonesia, Taiwan and Thailand this Friday with offers for India due the following week.

Last April, Citigroup announced its decision to exit the consumer banking business in 13 Asia-Pacific markets including the Philippines to concentrate on wealth management and focus on countries with strong consumer banking markets like Singapore, Hong Kong, the United Arab Emirates, and London.

In a statement to BILYONARYO, Citibank said it remains highly committed to the Philippines and is not exiting the country.

“While we are pursuing an exit of the consumer franchise with focus on optimal results for our people, our clients and our shareholders, we remain committed to growing our institutional business in the Philippines which represents an essential part of our global network,” Citibank said.

BDO president and CEO Nestor Tan confirmed that the country’s biggest bank would take a stab at Citibank because “it’s not something you can ignore.”

BPI president and CEO TG Limcaoco said the bank was interested in Citibank’s local assets because it was a “great business.”

“We have always been admirers of the Citibank retail business. It is an excellent franchise and for the longest time, we have always looked at it but we never believed that Citibank would ever give up on the Philippines,” said Limcaoco during BPI’s annual stockholders’ meeting.

 
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