Citigroup Inc. (NYSE:C) is still in talks with financial institutions that are interested to acquire its retail business in the Philippines, an official said. “There's been plenty of speculation locally about which banks have bid for the asset, because it is obviously a fantastic asset. And there's been a very broad range of buyers who are interested in the business,” James A. Griffiths, Citi Asia head for media relations, said in an online briefing on November 23, 2021.

“We plan to conclude this and will get deals announced by the second quarter or second half of 2022,” Griffiths said. Griffiths declined to name the parties that have expressed interest in acquiring Citi's retail portfolio, saying this is confidential. Top officials from lenders including BDO Unibank, Inc. (PSE:BDO), Bank of the Philippine Islands (PSE:BPI) and East West Banking Corporation (PSE:EW) have previously said they are interested in acquiring Citi's local retail banking business.