Business Services Industry
CITIBANK SHELVES PLAN TO BUY PHILIPPINE THRIFT BANK.
AsiaPulse News, March, 2003
MANILA, March 3 Asia Pulse - Citibank, one of the first four original foreign banks that antedated the 1990s law allowing the entry of new foreign banks, has abandoned its plan to buy a local thrift bank intended to have significantly expanded its retail banking operations in the Philippines.
Industry officials said Citibank already communicated the decision to the Bangko Sentral ng Pilipinas.
Officials would not reveal what prompted Citibank to abandon its retail banking plans in the Philippines although officials noted the report came just weeks before the Paris-based Financial Action Task Force is set to announce what counter-measures it would impose on the Philippines for its failure to enact an acceptable anti-money laundering law.
An FATF...
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