Global banking giant Citi has reaffirmed its commitment to the Philippines, citing the country’s strong economic fundamentals and advantageous market conditions as key drivers for its continued growth and success.
Jan Metzger, head of investment banking for Citi in Asia-Pacific, highlighted the Philippines’ thriving local market dynamics and robust underlying growth story. “The Philippines is a market where our franchise is doing well,” he said. “We’re privileged to serve both foreign and local businesses entering the country.”
Citi: Expanding its operations in PH as the largest foreign bank
Since its establishment in 1902, Citi has expanded its operations in the Philippines to become the largest foreign bank in terms of assets, offering a wide range of financial services including corporate banking, markets, transaction banking, and securities services. The bank’s Citi Solutions Center (CSC) in the Philippines employs close to 7,000 people and supports Citi’s global business operations.
Metzger expressed optimism about the Philippines’ short-, medium- and long-term prospects. “The Philippines is growing at about six per cent, which is already a good growth rate, and Asia is going to grow faster than the rest of the world,” he said.
He also highlighted the country’s strong service sector, particularly business process outsourcing (BPO), which he believes will continue to thrive despite automation and artificial intelligence advancements.
The bank has been in the Philippines for over 122 years (since July 1902). It has grown to be the largest foreign bank in the country in terms of assets with a business that spans corporate banking, markets, transaction banking, and securities services.
PH becoming increasingly attractive, thanks to improved business climate
Metzger noted that the Philippines is becoming increasingly attractive to foreign businesses, thanks to its improved business environment. “We’re eager to work with new customers and increase our market share with current ones,” he said. “We want to be the go-to partner for foreign businesses visiting the Philippines.”
Jan Metzger, head of investment banking for Citi in Asia-Pacific
Citi’s commitment to the Philippines extends beyond its core banking operations. The bank has been instrumental in supporting capital raising activities in the country, generating more than $10 billion for Philippine issuers since 2020. It has also served as the only bank used for dollar transfer settlement for the past 30 years.
Looking ahead, Citi aims to strengthen its position as the leading bank in the Philippines, both locally and internationally. “Our strategic goal for the next five years is to be the go-to partner for our clients, supporting them wherever they choose to do business,” Metzger stated.
In 2023, Citi Asia Pacific CEO Peter Babej once said that they continue to see the Philippines as an attractive market for banking business, noting how the country has been playing an increasingly important role — both regionally and globally — amid its robust economic expansion.