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The Citibank Scandal
By Alcuin Papa, Jeannette Andrade
Philippine Daily Inquirer

THE BANK OFFICIAL reported to have made off with at least P300 million in deposits of mostly Chinese-Filipino clients is said to enjoy the high life.

Francis Bryan Ang, who has been relieved of his post as assistant vice president of Citibank’s Citigold wealth management unit, is “addicted to new and shiny things,” according to a schoolmate at Xavier School.

“Maybe he got a taste of the high life, liked it, but found he couldn’t afford it. So this is what he did,” said the schoolmate who asked not to be named for security reasons.

But Ang’s father, Manila Councilor Bernie Ang, told the Inquirer that his son was being persecuted in an effort to prevent him from exposing purported irregularities in the American banking giant.

“There is a concerted effort to destroy him because Bryan was about to expose something he could not take...He was about to reveal those things and told the management about what he found wrong in the system, and they jumped the gun on him,” the father said.

In a statement issued Friday, Citibank said it was looking into “questionable” transactions initiated by a wealth management executive suspected to have swindled some depositors of its branch in Binondo, Manila.

Ang, 36, was not named in the statement. But banking sources confirmed it was he, and said he was believed to have slipped out of the country.

“We have filed criminal and civil cases against him, supported by his own admissions and very strong documentary evidence. We are working closely with the relevant authorities who are assisting us in this matter,” Citibank said.

Flashy cars

Ang drives around in expensive European cars, including a Peugeot convertible, a two-door Volvo sports car, and a Mercedes Benz CLK coupe, the schoolmate said.

He is known to wear expensive watches and has been seen using a Vertu, a high-end cell phone.

As an officer handling bank accounts of around P4 million, Ang might have been driven to acquire fancy cars and high-end items no matter the price, the schoolmate said.

Ang was described as low-key, mild-mannered and coming from a respectable family “na may kaya” (with means).

He was popular and well-liked by his co-alumni at Xavier School, an exclusive school catering to Chinese-Filipino families based in Greenhills, San Juan City.

Ang graduated from Xavier in 1992 and went to the University of the Philippines in Diliman, Quezon City, for his degree in economics.

The schoolmate said he was very active in Xavier’s alumni association and once ran for president of the group but lost by one vote.

“A lot of people know him, and he knows a lot of people. Of course, this is where he sourced his clientele. But he was respected and trusted,” the schoolmate said.

At one point in Ang’s career at Citibank, the schoolmate said, his superiors imposed on him a quota of P2 million a month in deposits.

“Having that kind of a quota can be very stressful,” the schoolmate said. “A lot of the alumni are very disappointed. The name of our school is at stake. We can’t believe one of our own would do such a thing.”

Councilor Ang said his son was prepared to answer the charges.

Fear for his life

“Bryan is hiding, not because of the charges, but because he is scared for his life. He knows and is ready to reveal a lot of things,” the father said, adding:

“Why is he being vilified and crucified at all cost?”

The councilor cited claims where his son was accused of distributing fake certificates and withdrawing a client’s money.

“How was Bryan able to do that without the bank knowing?” he said. “The central bank (Bangko Sentral ng Pilipinas) conducts an audit every year. Citibank does an audit every year. The bank authenticates certificates. Don’t tell me they did not notice right away and only recently found out?”

The councilor pointed out that Ang had been with Citibank for 10 years and was a consistent winner of international awards as its top solicitor. “Why are they persecuting him now? Is it because they are hiding something?”

Irony

The councilor said Ang had realized that his wealth management job at Citibank was not doing the country any good because he was siphoning money abroad.

Early this month, Ang decided to inform Citibank of his misgivings—a move, the father said, that brought trouble for his son.

Ironically, the father said, Citibank issued a letter to its clients last month that it was to deal with Ang, but reportedly withdrew the letter this month after his son expressed his misgivings.

“They might have been scared of the exposé that Bryan was planning to do. Their intention now is to discredit him at all cost even if it makes the bank look stupid,” the councilor said.

He observed that the bank usually kept an issue like this under wraps but had surprisingly publicized it in Ang’s case.

“He is doing this (exposé) for the country,” the councilor said, adding that his son was open to testifying in a congressional inquiry should legislators decide to conduct a probe into Citibank’s alleged anomalies.

Isolated case

In its statement, Citibank said the employment of the person in question had been terminated.

“Although the investigation is still ongoing, we believe this is an isolated case, and we are taking all necessary measures to protect our clients,” the bank added.

It also said it had identified a “small” number of affected clients.

“We are reviewing these accounts, and our priority is to work closely with these clients to ensure a satisfactory outcome,” it said. With a report from Doris C. Dumlao

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