Citibank after deals in Manila
(Philippines) - Citibank is reportedly looking at acquiring three possible local Philippine savings banks as a means of expanding its retail banking business in the country.
The Bank is apparently keen to acquire a Manila based thrift bank with a license to operate trust accounts and foreign currency deposit units.
Philippine's financial sector has been suffering from marginal loan growth and high levels of non-performing loans for some time now and the industry is eying continued merger and acquisition activity as one strategy in sector improvement.
There are close to 1,000 licensed banks in the Philippines, over 40 of which have full commercial status and 100 plus are classified as savings banks.
Philippine's financial sector has been suffering from marginal loan growth and high levels of non-performing loans for some time now and the industry is eying continued merger and acquisition activity as one strategy in sector improvement.
There are close to 1,000 licensed banks in the Philippines, over 40 of which have full commercial status and 100 plus are classified as savings banks.
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