Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup Inc    C

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Citigroup Inc. : Philippines: Citi Launches First Public Sector Prepaid Card with Home Development Mutual Fund

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/31/2013 | 01:24am CET

For Immediate Release

Citigroup Inc. (NYSE: C)

Manila - More than 12 million Filipinos may now enjoy the convenience of Citi's electronic payments platform with the introduction of the Pag-Ibig Citi Prepaid Card. The launch followed the signing late last year of an agreement between Citi and its first public sector client for Prepaid Cards, the Home Development Mutual Fund (HDMF), also known as the Pag-Ibig Fund.

Mylene Caparas, Country Head of Citi Transaction Services for the Philippines, joined the Chief Executive Officer of HMDF Atty. Darlene Marie Berberabe during the launch event attended by key media organizations. HDMF is the provident financial institution in the country, and membership is mandatory for all Filipino employees, onshore and offshore.

Citi seniors, including Asia Pacific Head of Public Sector for Asia Aamir Rahim, Asia Pacific Head of Bank Services Group and Public Sector Munir Nanji and Head of Corporate Banking for the Philippines Usman Ahmed, also graced the event and lent their support.

The Pag-IBIG Citi Prepaid card is initially being offered to the fund members onshore. HDMF will offer the card as an option to members for the disbursement of proceeds of Multi-Purpose Loans or Calamity Loans. It is a faster, more convenient and safer way of receiving and using their loan proceeds, and members may sign up to avail of the card upon filing their loan applications.

During the launch, Pag-IBIG lauded the partnership of Pag-IBIG and Citi Philippines, as well as issuer Visa saying "this is the kind of beneficial consequence that results when government and the private sector work towards a common goal."

Pag-IBIG tapped the banking experience and the financial expertise of Citi Philippines to assist in the distribution of the monetary benefits to its members.

"Citi is pleased to partner with the Home Development Mutual Fund and offer Pag-Ibig members the choice of receiving their loan benefits via a prepaid card. It's certainly a more secure alternative to carrying cash, plus with a three-year validity, the card can be reloaded should the owner avail of another loan during that period. This is one of the most exciting products in our transaction services portfolio, and we are pleased with the warm reception so far," related Caparas.

Borrowers who are interested to apply for the card can go to the nearest Pag-IBIG branch office and file their loan application. Once approved, the loan proceeds will be credited to their Pag-IBIG Citi Prepaid Card, and the member can then shop at more than 130,000 Visa-accepting merchants nationwide and withdraw cash at any local ATMs.

"Over the years, Visa has developed close relationships with governments around the world to create greater efficiencies through electronic payments," said Iain Jamieson, Visa Country Manager, Philippines and Guam. "In fact, electronic payments have been recognized as a factor in stimulating economic growth and consumption to benefit local economies - in 2012, we saw more than 80 percent year-on-year growth for Visa prepaid cards locally. Our partnership with Pag-IBIG and Citi is just one of the many initiatives that showcase our commitment in providing cardholders with safe and convenient ways to make transactions, as well as extend the many benefits of Visa to a wider range of Filipinos."

The multi-purpose loan aims to provide financial assistance to members for their varied needs, including minor home improvements, additional capital in small business, tuition or educational expenses or for health and wellness. On the other hand, members who reside in calamity-stricken areas can apply for a calamity loan where they can borrow up to 80 percent of their total savings. Both loan programs have a payment period of two years and are available to members who have made at least 24 monthly contributions.

Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Citi Transaction Services
Citi Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CITIGROUP INC
02:53p U.S. investment banks scout Frankfurt office space market - Helaba
03/22 FINTECH : Academy launches in South Africa
03/22 AT&T : Area call centers to battle for March of Dimes
03/21 Record outbound Canadian M&A gives foreign banks an upper hand
03/21 Morgan Stanley President Kelleher says trading activity has improved
03/21 CITI :  Mayor awards London’s top young green entrepreneur with £20,000 pr..
03/21 CITIGROUP : Citibank gets approval to acquire Wall Street Place
03/21 CITIGROUP : Citi wins four top awards
03/20 CITIGROUP : Uses Ethicist to Guide Corporate Decision Making - The Minute
03/19 CITIGROUP : GCC economic outlook in focus
More news
Sector news : Banks - NEC
05:19p ROYAL BANK OF SCOTLAND : RBS to close 158 branches due to dramatic online shift
03:31p SBERBANK ROSSII : Ukraine - sanctioned Russian banks don't threaten financial st..
01:45p BARCLAYS : Britain's financial watchdog revisits Barclays' Qatari cashcall probe
10:10a UBS : set to charge wealthy for keeping euro savings
07:48aDJCFO Rises at Deutsche Bank -- WSJ
More sector news : Banks - NEC
News from SeekingAlpha
09:31a Is Citigroup Destined To Double? Almost, Yes
03/22 Dumbest Idea So Far In 2017.
03/22 WALL STREET BREAKFAST : Reevaluating The 'Trump Trade'?
03/22 U.S. investment banks lead Europe
03/21 BANK BULLS BAIL; BOFA -4.5% LEADS DE : Kass says "short"
Advertisement
Financials ($)
Sales 2017 71 687 M
EBIT 2017 28 704 M
Net income 2017 14 290 M
Debt 2017 -
Yield 2017 1,40%
P/E ratio 2017 11,21
P/E ratio 2018 9,80
Capi. / Sales 2017 2,23x
Capi. / Sales 2018 2,15x
Capitalization 159 726 M
More Financials
Chart CITIGROUP INC
Duration : Period :
Citigroup Inc Technical Analysis Chart | C | US1729674242 | 4-Traders
Full-screen chart
Technical analysis trends CITIGROUP INC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 63,8 $
Spread / Average Target 10%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Mike L. Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Chief Operations & Technology Officer
John C. Gerspach CFO & Principal Accounting Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP INC-2.79%159 726
JPMORGAN CHASE & CO.1.44%312 654
WELLS FARGO & CO0.40%276 864
INDUSTRIAL AND COMMRCL..6.80%239 808
BANK OF AMERICA CORP3.80%229 674
CHINA CONSTRUCTION BAN..8.27%204 839
More Results