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AwardsBest Bank Awards

Philippine's best international bank 2018: Citi


Citi again emerges as the clear winner of this award. Its roots burrow deep into the superstructure of an economy it has served with distinction since 1902.

It continues to expand: the brand new 24-storey Citi Plaza in Bonifacio Global City, in the heart of the capital, houses more than 6,000 employees – out of about 8,000 nationwide – and represents one of Citi’s largest investments in southeast Asia.

There is little it does not do in the Philippines, providing retail services to more than one million affluent individuals, as well as a full suite of corporate, commercial and investment banking services. The US lender reported a 31% increase in normalised net income in 2017 and a 9% rise in revenues, while returns on assets and equity were 2% and 18% respectively.

Martin McLeod, chief financial officer at Citi Philippines, points to a slew of decisions in recent years – from reshaping its digital strategy to focusing more heavily on consumer banking – that have given the bank added momentum.

Citi remains as much of a capital markets powerhouse as ever. In the 12 months to the end of May, it completed several transactions, including sole arranger on HC Consumer Finance Philippines’ inaugural $45 million, one-year loan syndication in September 2017.

Among the big-ticket deals, it was joint lead manager and bookrunner on Union Bank of the Philippines’ $400 million, five-year unsecured bond in November 2017; this year it served as joint global coordinator on the Republic of the Philippines’ landmark $2 billion, 10-year global bond.