By Jun Vallecera
Reporter
CITIBANK Savings, the thrift bank arm of the US financial services giant Citigroup, has opened a branch in Mindanao, the first among a number of foreign bank branches to do so in a place it now believes to be a high-growth region.
No other foreign lending institution has established a presence in Mindanao before as competing foreign banks would rather put up branches in Cebu City or Iloilo City instead, the Bangko Sentral ng Pilipinas said Tuesday.
Mindanao has a fearsome reputation among foreign businessmen, the southern island having been home to decades-long Muslim separatist movement.
But Citisavings now operates in Cagayan de Oro City, the capital of Misamis Oriental that serves as gateway to Northern Mindanao and as trade and business center of the flourishing Cagayan-to-Iligan corridor.
"This branch opening marks a new chapter in Citibank's local history as we are finally establishing a presence in Mindanao, one of the growth regions of the country," Citibank Savings chairman and country business manager Mark Jones said.
Citibank Savings president Jeffrey Choa already reported a 150 percent jump in deposits as Mindanao account holders more than doubled soon after the soft opening.
According to Aneth Lim, Citibank vice president for public relations, Citibank Savings has also started serving Davao City clients even though that branch has yet to formally open its doors to clients.
At the Bangko Sentral ng Piliinas, officials said Citibank was set to open its third branch in General Santos City, the hometown of local boxing icon and international title holder Manny Pacquiao.
Choa said existing clients with foreign currency deposits would find Citisavings Bank attractive as its ATM machines can be used for dollar withdrawals.
"Right now we are ready to serve clients with attractive deposit and personal loan products," Choa said.
The Cagayan de Oro branch is the bank's 36th, 16 of them in Metro Manila alone.
Business Mirror
November 23, 2006
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