Citibank Savings Inc, a wholly owned subsidiary of Citibank N.A., reportedly soon will enter the Philippines credit card market, possibly eating into its own parent’s market share.
The issuer will launch two credit cards over the next few weeks, the Philippine Daily Inquirer reported earlier this month, citing an interview with a top-level official of the savings bank, who spoke anonymously.
Citibank Savings declined PaymentsSource requests to confirm the report by deadline, adding that it could not comment on speculation.
By offering its own cards, the issuer would directly compete with its parent, which already issues 1 million credit cards in the country, reportedly the most among any bank in the country.
The savings bank would use the same credit criteria and infrastructure used by its parent but use its own 36-branch network to distribute its two credit cards, according to the Daily Inquirer.
Citibank Savings provides savings and checking accounts in the Philippines plus loans to individuals and small and midsize enterprises. The bank issues Maestro-branded debit cards tied to the savings accounts.
