Iloilo, Philippines Branch of Citibank Savings Closes

Iloilo, Philippines Branch of Citibank Cost savings Closes

Citibank Savings Branch in Iloilo City, Philippines

Citibank Price savings Department in Iloilo Town, Philippines

Citibank announced that it will near it’s Iloilo, Philippines department as of February 4, 2009.  The branch was opened to excellent fanfare in 2006.  See http://www.thenewstoday.info/2006/11/17/citibank.price savings.inc.launching.html

Citibank Savings shoppers ended up invited to transfer their accounts to the Citibank Discounts department in Bacolod City which will remain open up.

This is one more in a sequence of blows to international banking in Iloilo Town and in Iloilo’s rivalry with Bacolod Metropolis.  In 1982 Iloilo misplaced its HSBC (Hong Kong and Shanghai Banking Company) department which had opened in 1883 to provide the rising sugar business. Normal Chartered (formerly Chartered Financial institution of India, China and Australia) also open up an Iloilo City branch.  Later on, Typical Chartered marketed its Iloilo branch to Allied Bank and exited the town. With the closing of Citibank, Malaysian-owned Maybank is the final remaining foreign-owned financial institution in Iloilo City.

Citibank’s historical past in the Philippines dates again to 1902 when the Worldwide Banking Corporation proven a department in Manila, followed by a different branch in Cebu in 1904. Nationwide Metropolis Bank of New York, the greatest bank in the US at the time, took above IBC in 1914. Subsequently the bank grew to become Citibank, Citicorp and Citigroup. Today, Citibank, N.A. is the premier international professional bank in the Philippines in conditions of shoppers, assets, revenues, personnel and number of domestic branches. (tailored from from Citibank Philippines web page).

If you’re interested in the history and politics of banking in the Philippines, I highly advise this e-book: Booty Capitalism: the Politics of Banking in the Philippines, Paul D. Hutchroft, Ateneo de Manila College Push, 1998.  I purchased my duplicate in Manila, either at Powerbooks or the Filipinas Heritage Library bookstore at the Ayala Triangle Park.

One-way links:

http://www.hsbc.com.ph/1/2/aboutus
http://www.citigroup.com/citi/company/history/citibank.htm
http://www.standardchartered.com/about-us/record/en/