Citibank Guam is, reportedly, planning to stop offering a range of banking services from 2014, as part of its expansion strategy to concentrate on credit card and consumer loans business.
The bank said that it will discontinue its customer deposit accounts, such as current and savings accounts, and will not service mortgage accounts locally, guampdn.com reported.
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Citi country officer and country business manager, Agustin Davalos, told the news portal, "When we decided to transfer our mortgage business to CitiMortgage in the mainland U.S., we took the opportunity to review our overall business strategy and made the decision to cease retail deposit services."
According to the bank, it has dispatched notices, requesting deposit account customers to close their accounts until 28 February 2014.
Following the deadline, the bank will not support all other features and services that support its deposit accounts, including ATM, fund transfer and night depository services.
"We are actively communicating to our customers to ensure a seamless transition," Davalos said.
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By GlobalDataMoreover, CitiMortgage in the mainland US will offer services to Citibank Guam’s mortgage accounts, starting 1 January 2014, to comply with the new rules of mortgage products.
"By transferring the mortgage portfolio, we will be able to comply with the changes that are due January 2014 and ensure that our customers will still receive the highest standards of customer care," Davalos explained.
Since 1969, Citibank Guam has been operating on the island, as part of Citibank’s Global Consumer Group (GCG) in the Asia Pacific Region.
