Why the Philippines Largest Foreign Bank Left

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Why the Philippines Largest Foreign Bank Left

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Behind Philippines

Күн бұрын

Produced by: Behind Asia Team
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Пікірлер: 219

@MithunOnTheNet Ай бұрын

Citi left ALL Asian markets, including India and China. I was a Citi customer in India for over 2 decades and now transitioning to Axis Bank, which acquired Citi's retail operations in India.

@Tangalog-nj9zi Ай бұрын

What are you talking about. There is still citibank under Union Bank of Aboitiz group

@Tangalog-nj9zi Ай бұрын

CITIBANK STILL CONTINUES TO SERVE UNDER UNION BANK PHILIPPINES

@Tangalog-nj9zi Ай бұрын

UnionBank’s strategic move to acquire Citibank’s consumer business aligns with their growth ambitions. They are positioning themselves to serve a broader customer base and enhance their offerings. While there were initial costs, UnionBank’s long-term vision involves leveraging the acquired customer base and expanding their market presence.

@Tangalog-nj9zi Ай бұрын

UnionBank has donned its digital armor and waded into the future. 🚀 It’s widely recognized as one of the most innovative banks in the industry. Think cutting-edge tech, seamless digital experiences, and a commitment to staying ahead of the curve. Their digital transformation journey has been impressive, making them a beacon for other banks to follow.

@james.518 Ай бұрын

Citibank’s technology and services in the Philippines have largely been maintained even after UnionBank acquired its consumer banking business. UnionBank has committed to retaining the superior customer experience and technological capabilities that Citibank customers were accustomed to12. During the transition, UnionBank has integrated Citibank’s systems into its own, ensuring that customers continue to enjoy the same level of service. For instance, Citibank credit cardholders can still use their cards and access their accounts through UnionBank’s platforms23. If you have any specific concerns or need assistance with your account, feel free to ask!

@ExcitedForestBridge-gx6pq Ай бұрын

Exit of consumer banking operations and merger with UnionBank. In April 2021, Citigroup announced it would exit its consumer and retail banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

@rudybacani480 Ай бұрын

I don’t think the sales have something to do with politics because Citibank did similar things here in Australia where they sold part of their business to National Australia Bank.

@filomenojrcusi7906 Ай бұрын

This bank pioneered the first banking industry executive training program in the country. GIrd towards training potential bank manager in all aspects of commercial banking operations .Hence lots of the graduate of this said program later became top officers of most of the local commercial banks in country.

@healtheworldforabetterplac7574 Ай бұрын

Best Credit Card offering in the Philippines. What happned. UnionBank’s Customer Service sucks!

@manwithmountain Ай бұрын

Same story here. I'm still waiting for the card replacement 3 months after. I guess switching would be the best option.

@Tangalog-nj9zi Ай бұрын

CITI bank was sold to aboitiz group (Union Bank). Union Bank is doing good and will become the largest bank in the future because of its good system

@Tangalog-nj9zi Ай бұрын

CITIBANK STILL CONTINUES TO SERVE UNDER UNION BANK PHILIPPINES

@Tangalog-nj9zi Ай бұрын

@charlesgotidoc5288 Ай бұрын

Citibank can't keep up with our local banks, our local banks are performing way stronger than them. So Citibank leaving the country doesn't really make a dent to Philippines banking industry. Its not always a negative thing...

@bisaiia Ай бұрын

Are u trying to be funny?, CITI Banks has way better service and performance compare to any local banks in the Philippines. Have u ever had a CITI Bank account???

@LittlleBlue26 Ай бұрын

@@bisaiia Charles is pertaining to the corporate performance. But I agree with you, Citi has a wayyyy better service and technology compared to the bank which assumed its PH entity. It sucks!

@james.518 Ай бұрын

@@LittlleBlue26Citibank’s technology and services in the Philippines have largely been maintained even after UnionBank acquired its consumer banking business. UnionBank has committed to retaining the superior customer experience and technological capabilities that Citibank customers were accustomed to12. During the transition, UnionBank has integrated Citibank’s systems into its own, ensuring that customers continue to enjoy the same level of service. For instance, Citibank credit cardholders can still use their cards and access their accounts through UnionBank’s platforms23. If you have any specific concerns or need assistance with your account, feel free to ask!

@juamu1132 Ай бұрын

lol this is citibank.

@james.518 Ай бұрын

Citibank is still existing. If you want the services of Citibank then choose Union Bank

@alesh2275 Ай бұрын

Citi left the Japanese market, as well, so it’s more of an overall retreat from several Asian markets …

@james.518 Ай бұрын

@sherwinclarencego1933 Ай бұрын

By the way Citibank left a lot of smaller markets. The Philippines was just one of them. Here in South East Asia only Singapore still has a presence for Citi. Well Singapore is a financial hub. Other markets like Thailand, Indonesia and Malaysia also lost Citibank.

@alesh2275 Ай бұрын

Not just small markets: Citi left Japan as well years ago …

@robocop581 Ай бұрын

Citibank is still in HK

@miaya3898 Ай бұрын

@@alesh2275why would anyone entrust their hard earned cash 💵 to an American 🇺🇸 bank?

@alesh2275 Ай бұрын

@@miaya3898 because it has global reach for cross currency cross asset class investment. Don’t you know these things?

@sherwinclarencego1933 Ай бұрын

@@robocop581 I did say South East Asia right? HK is not part of South East Asia.

@MultiSuperGo Ай бұрын

Union Bank until now havent yet replace my card 2 months already

@miksUSA777 16 күн бұрын

GALING ng BBM productions! Kudos to all. Subliminal Messaging the Best for all diff topics and Target Market. BBm and Duterte won. Rebrand genius.

@BrotherRoy 14 күн бұрын

Okay, so, now I know. As a former Citibank customer in the US, was happy to to join while living in Manila. Now, I'll be satisfied with UnionBank.

@JoseTorres-in4fs 10 күн бұрын

Things that left the Philippines without us realizing

@Aqueline-MarieSanget 11 күн бұрын

I'm one of the long-time clients of its credit card line. You know what? Citibank Philippines had a stinking customer service attitude. Its call center agents keep on dropping calls. And others.

@mathewg5884 Ай бұрын

Some of the private companies in the Philippines should put up phone factories.

@ezramachlone1013 Ай бұрын

Not only in Philippines but also in Indonesia so dont worry. Citibank did not perform well in these two contries due to local banks are doing so well.

@josefg8017 16 күн бұрын

Wikipedia research source + narration = this youtube channel

@cottagegymfun Ай бұрын

One word: LOSSE$ That's the whole story.

@coureurdebois 9 күн бұрын

its a shame because CITI bank provided superior customer service, better apps, better credit cards, and higher yielding savings accounts VS BDO, Union bank, or BPI. Additionally it offered seamless international transfers to effectively every country at faster speeds and lower rates while providing international customers with linked accounts globally. shame its gone now.

@rodanielrodriguez8156 20 күн бұрын

Even citbank bahrain closed

@philmelb1022 Ай бұрын

They left Australia and other countries as well. They couldn't compete they could consolidate make more profit.

@cheerLads88 25 күн бұрын

This must be 25years ago 😂never seen citi bank in my place

@1rjona Ай бұрын

Citibank’s exit is worldwide. They not only left Philippines but many other Asia Pacific and European countries. So its not because of a local leader. They are focusing on the American matket

@josh2angels Ай бұрын

@@1rjona click bait lang sa mga pinoy itong q@q@ng vlogger n ito. Wag nyong tangkilikin.

@russliehipolitocacao3228 Ай бұрын

The other banking companies were more popular for younger generations because of branches built on every town. Now that social media has opened new possibilities on how to acquire information, the marketing strategies of these banking businesses were more consistent and effective than Citibank. I've seen Citibank somewhere but I know the others better when it comes to familiarity. It's sad that such banking business with long history with the philippines (although foreign) is exiting the country.

@nbru4194 Ай бұрын

One of the worst Banks ever. I used to bank with them in the states. Give you a couple horror stories. My Citibank in America will charge me a foreign ATM fee Citibank. Philippines would charge me a fee plus the standard visa fee. All to get money out of my own City bank account. Citibank Philippines was not associated with Citibank Bank America. So if you use your Citibank us debit card in a Citibank Phil bank you get charged a fee for that. They do not refund even through it's a Citi bank ATM. Open the bank account in the Philippines thinking it would would be a good bank they required in 2000 US dollar deposit. One time my wife went in there to do a transfer of funds. The guard wouldn't let her in because of a dress code she was wearing slippers. This was in dagupan pangasigan. We closed all accounts we had about 70,000 USD not a lot but they pissed me off. I'm glad they pulled out it was a bank for the elite.

@phoenix5054 Ай бұрын

Oh wow! I can go inside and out BPI with only slippers. I think that fee is applicable to all international transfers regardless whether it's the same bank.

@miaya3898 Ай бұрын

A multinational fruit company in our area also don't allow slippers, not even crocs. And shorts

@Tangalog-nj9zi Ай бұрын

CITIBANK STILL CONTINUES TO SERVE UNDER UNION BANK PHILIPPINES

@Tangalog-nj9zi Ай бұрын

@bisaiia Ай бұрын

I would blame the Filipinos who ran CITI Bank Philippines for that coz that dress code is a Filipino thing, it is difficult to understand the Filipino minds in the Philippines

@gregomartinez2740 6 күн бұрын

It was outperformed by other banks like BDO or bpi

@gctv4903 Ай бұрын

Well thats ok we still have plenty of local banks here,even Silicon Bank in US had shut down too

@louistan7560 Күн бұрын

Citi didn't leave. They sold their Asian units for liquidity back in the US. Citi has been identified by US FDIC as a potential financially-troubled bank in the way it conducts its business.

@JosephSolisAlcaydeAlberici Ай бұрын

Universal banking is something the US isn't longer specialized in at this point, that's why Citi Bank is shutting down its global operations and focusing itself on the American market.

@vondoromal7016 15 күн бұрын

This is good...

@Lance-nu8ke Ай бұрын

Monopoly.

@OFWPinoy_1967 Ай бұрын

Citibank also left Bahrain and other Arab Nation

@patmanapsal4762 Ай бұрын

Who cares? There are lots of big & strong banks the Philippines!😊😅😂

@antonioso5700 Ай бұрын

Citi bank can,t compete with the big 5 Ph banks namely BDO / BPI / METRO BANK / PNB AND CHINABANK.

@bisaiia Ай бұрын

Does any of your 5 Ph banks have done what CITI Bank has than to the Philippines or they are just there to take advantage and take peoples money ????

@Arthur-da 27 күн бұрын

and those banks are not exactly high level are they? Banking is one sector needing foreign competition which will actually enable bank account holders to get a "decent deal" But agreed Citi PH was a very lousy operation compared to other locations in the West at the time. Now even in US & UK Citibank are rapidly going down the pan with terrible customer service

@rosemendez931 27 күн бұрын

Never heard of this bank.

@Gregory-Masovutch 20 күн бұрын

There are plenty of banks wuthin the Philippines. They provide excellent service. Just stay away from BDO at all cost.

@gerger1032 16 күн бұрын

As a Filipino, I don't like BDO, BDO are too busy, long lines, high requirements for opening savings acoount

@markvilla8703 Ай бұрын

Shittybank sucks, though. Customer service was terrible, interest rates were not competitive, and they failed to really branch out beyond updscale business districts. That's on them, not the local market.

@francisgalang7786 Ай бұрын

Citibanks left a lot of markets.

@chrispeveto3105 Ай бұрын

Citibank closed its branches and exited Texas in 2019. I still have an account, but all banking is done online.

@jovenserdenola1679 Ай бұрын

What's the benefit of foreign banks? Taking deposits locally and investing abroad. No pain if CItibank left Philippines 😂😂😂

@NCM-xy8ow Ай бұрын

You ought to be more broadminded. Do your local banks have operations all over the world to allow Filipinos to plug into global opportunities? If you are working in Africa, Europe or elsewhere, can you rely on your local banks?

@blow_my-cock Ай бұрын

@@NCM-xy8owyeah imagine contacting your local bank everytime you try to do a transaction and imagine your money not buying anything

@tomcapindo5280 Ай бұрын

@@NCM-xy8owexactly

@d3r3kyasmar Ай бұрын

Give filipinos jobs. Also it will create competition to local banks so that local banks will be motivated to always do better than their foreign competitors.

@alma09876 Ай бұрын

Narrow minded thinking. Foreign banks allow international transactions for multinational corporations!

@hanglee5586 Ай бұрын

Bank of America has one branch throughout the Philippines lol

@JAKE-r3u Ай бұрын

What happened to the accounts and savings of customers? Insured by FDIC or not?

@teresitacruz5108 Ай бұрын

Pilippines stand there own.... No worry we rely the Powe of our God... Jesus Christ (Yeshua)..

@joey_ocampo Ай бұрын

It may be that under Nesara/Gesara/QFS that banks could no longer make money by charging interests on loans out to people and also charging their monthly service fees. Banks will operate as wealth management as QFS takes over all the banking transactions online where they can track, record, & prevent corruption, money laundering, & other illegal practices. Hundreds of banks' branches had been closing here in the States due to these major changes that are about to happen anytime soon.

@argasyargasy2366 Ай бұрын

Because Citi had shit management. It practically kept giving out credit cards left right and center without due diligence. Go figure.

@GobangNewNormal Ай бұрын

Correct And giving non collateral loans with very low collection Bank is to high maintaining balance

@JaniferCadungog-cu9nx Ай бұрын

What Next Banks

@tabbyjuntado6310 Ай бұрын

They also left Australia

@Sonovagum Ай бұрын

Citibank didn't leave. Their headquarter in asia is still located in the Philippines employing 10k people.

@creatourchannel Ай бұрын

Maybe you’re referring to Citi Plaza, that is not Citi Philippines, it’s Citi brand that support US Market. It’s their callcenter for US products not Citi Philippines.

@Tangalog-nj9zi Ай бұрын

@@creatourchannelcitibank is under Union Bank. That is why Union Bank has the best technology in banking in the Philippines right now

@user-dz5qj3kl6s Ай бұрын

Where deposits of major bank

@bb89670 29 күн бұрын

Citibank has been in the Philippines for over 100 years.

@EnnueCelestial-df3gk 28 күн бұрын

So SAD !!!

@AndayaZaldy 17 күн бұрын

Answers🇵🇭

@sugargame 12 күн бұрын

2008 subprime crisis

@RealEschatologyGuy 17 күн бұрын

Good.

@1aaroncarl Ай бұрын

Lol citigroup its global parent company is restructuring.

@RobertChan-ge1bq 24 күн бұрын

They know america cannot protect the Philippines so the best way is to save their money

@AndayaZaldy 17 күн бұрын

Answers and Amen Amen Amen

@user-sq2no7gr8b Ай бұрын

Glad Citi left. Headquarters is bankrupt.

@ramongabutina8015 18 күн бұрын

Topic Heading should be why Citibank left Asia.

@Cradle11 Ай бұрын

US loans from Citi to acquire the Philippines from Spain..

@luisabiera 17 күн бұрын

They are now at BGC, what are you talking about

@Minimal2798 19 күн бұрын

Skip to 7:30

@garizonmann1284 Ай бұрын

An ofw remarked that This bank forpieted (closed) his savings checking accounts he can't manage due to working abroad reason is dormant😂what the,,,,?

@josedemaisip2572 Ай бұрын

There is no need to rub it in!

@ericdj3651 17 күн бұрын

had to close down to hide skeletons in thr closets

@ArhjayTagumasi 15 күн бұрын

Citi Bank the best Credit card bank. Union bank on the other hand has the worst customer service..

@JLHMahal Ай бұрын

Some inaccuracies here😂

@georgelopera6290 Ай бұрын

It's very simple why Citibank leave the Philippines because Citibank is not corrupt bank! All bank in the Philippines exercise corruption, compromising the people's money, Citibank earning comes from investment from any project and not investment from the people's. Money itself!

@rudybacani480 Ай бұрын

I don’t think this has something to do with corruption or politics. Citibank also sold part of their business to a local bank here in Australia. So this is not as simple as you assumed it to be. Besides, corruption in the Philippines is not something new so why only now and correction, Citibank didn’t leave the Philippines they only sold part of their business.

@Manuel2024-ri7yh Ай бұрын

Please read more before making an opinion

@Tangalog-nj9zi Ай бұрын

citibank is still here in the Philippines

@Tangalog-nj9zi Ай бұрын

@starnight1209 23 күн бұрын

Citi banks is getting old and need to retired.

@josh2angels Ай бұрын

As usual this vlogger keeps putting out negative economic videos about the philippines but praising other asean countries. Like comparing the philippines to singapore? Cmon!!! Why not compare your country to the UK, US or canada? Dont worry, the philippines will soon surpass your countrys economy or maybe it already did😂😅

@cottagegymfun Ай бұрын

Philippines must take responsibilities. It's not about others.

@emmanuelandrewm.decastro Ай бұрын

this content is a propaganda is not really 100% facts may be 40% yes this content is for politics

@ericlaroza2485 Ай бұрын

Actually they left because of the traffic period!

@pwetmaluwang2985 Ай бұрын

Ano naman gusto mo ipahiwatig?

@Louie.Oxford Ай бұрын

bro yapping for 8 mins but still missed the point

@Ferdiefet 15 күн бұрын

What is the commect with PBBM haha

@jperez7893 Ай бұрын

the philippines should be celebrating citibank left the philippines. one of the worst banks ever

@Holycow2169 Ай бұрын

Who cares? Should to work there myself

@joeljoves8782 Ай бұрын

Citibank is not doing very well anywhere in the world!!!!

@drplayhouse08 13 күн бұрын

It’s a good thing the left

@mongru4214 Ай бұрын

Your report has malign to the Philippines

@kimjanozo6361 Ай бұрын

Because of bbm goverment more company going out..economic not good in bbm marcos jr.not same du30 goverment more investment

@siparengbatman8938 Ай бұрын

Pinaka tangang comment na nabasa ko as far as i know walang foreign investman ang pumasok sa ph sa panahon ni du30 maliban nalang sa china at russia..😂😂😂

@sunnycrocker6016 Ай бұрын

So many currupt big bank 🇵🇭

@MrJacksuper Ай бұрын

omg its bbm, the ultimate reason citibank's exit? lmao...

@pinkvelvet3865 Ай бұрын

How many times you have to report it? You keep on repeating the same topic. Do you have Dementia? Let them go! DAH!

@user-xl7hp8bi6x Ай бұрын

It's because of bangag bonget

@healtheworldforabetterplac7574 Ай бұрын

Kahit sa katangahan nj Dutae yung pagbagsak ng pilipinas kaya daming umalis dito sa pilipinas na foreign businessmen! Puro chinese na illegal pinapasok

@Justice-Zcjh Ай бұрын

No more prospects for the Philippines after losing the biggest market for most of its products.

@KaptanMagyawan Ай бұрын

This channel is consistently poorly researched. Commenters know more about Citibank's consumer banking exit from several countries than what is presented. That is reason enough for the channel to be taken down for spreading unvalidated information.