Country Profile · Country Overview Banking System The Philippine banking system is composed of...
Transcript of Country Profile · Country Overview Banking System The Philippine banking system is composed of...
Philippines
Country Profile
Contents
Country Overview 1
Clearing Systems 4
Foreign Exchange Controls 6
Taxation 7
Investment Opportunities 8
Trade Regulations 11
Citi Solutions and Services 12
Philippines—Country Profile 1
Country Overview
Banking Holidays in Philippines
2012 2013
New Year's Day January 1 January 1
Chinese Lunar New Year’s Day January 23 February 10
Maundy Thursday April 5 March 28
Good Friday April 6 March 29
Araw ng Kagitingan April 9 April 9
Labor Day May 1 May 1
Independence Day June 12 June 12
Eidul-Fitar
August 20 August 9
Ninoy Aquino Day August 21 August 21
National Heroes Day August 27 August 26
All Saints’ Day November 1 November 1
Bonifacio Day November 30 November 30
Christmas Day December 25 December 25
Rizal Day December 30 December 30
Key Facts
Capital City
Manila
Population
101.83 million (July 2011)
Currency
Philippine Peso
Currency SWIFT Code
PHP
Exchange Rate (1)
USD/PHP 41.92 (June 2012)
GDP
USD199.59 billion (2010)
GDP Growth Rate
3.10% (July 2011)
Exports
USD48.30 billion (2011)
Imports
USD60.50 billion (2011)
Inflation Rate (1)
2.9% (May 2012)
Credit Rating (S&P)
BB+ (July 2012)
Source: IMF/CIA World Factbooks (1) http://www.tradingeconomics.com.
2 Philippines—Country Profile
Country Overview
Banking System
The Philippine banking system is composed of universal and commercial banks, thrift banks, rural and
cooperative banks. At the end of December 2010, the operating banking system in the Philippines consisted of
38 universal and commercial banks, 73 thrift banks, and 647 rural and cooperative banks based on data from
the Supervisory Data Center.
Universal and commercial banks represent the largest single group, resource-wise, of financial institutions in
the country. They offer the widest variety of banking services among financial institutions. In addition to the
function of an ordinary commercial bank, universal banks are also authorized to engage in underwriting and
other functions of investment houses, and invest in equities of non-allied undertakings.
The thrift banking system is composed of savings and mortgage banks, private development banks, stock
savings and loan associations and microfinance thrift banks. Thrift banks are engaged in accumulating savings
of depositors and investing them. They also provide short-term working capital and medium and long-term
financing to businesses engaged in agriculture, services, industry and housing, and diversified financial and
allied services, and to their chosen markets and constituencies, especially SMEs and individuals.
Rural and cooperative banks are the more popular type of banks in the rural communities. Their role is to
promote and expand the rural economy in an orderly and effective manner by providing the people in the rural
communities with basic financial services.
Citi in Philippines
Citi’s history in the Philippines dates back to July 1902 when the International Banking Corporation, forerunner
of Citi, first established a branch in Manila.
Today, Citi is the largest foreign commercial bank in the Philippines in terms of customers, assets, revenues,
and domestic branches. It consistently ranks among the top five commercial banks in terms of profitability, and
top ten in terms of assets, deposits, and loans. It provides corporate banking, treasury, transactional banking,
consumer banking and Trust services.
The Institutional Clients Group of Citi’s Philippines Branch is a recognized leader in arranging and providing
financial services for the public sector, top-tier Philippine corporations, multinationals, and financial institutions
operating in the country. It offers innovative end-to-end cash management solutions, trade finance and services,
securities custody and funds services, corporate banking and advisory services, and the most comprehensive
and sophisticated range of treasury products in fixed income, currencies, commodities, and derivatives through
Citibank, N.A. It also provides domestic debt and equity underwriting and financial advisory services through
Citicorp Capital Philippines Inc.
Citi is the recipient of numerous awards recognizing its successes in the Philippines, including Best Trade
Finance Bank in the Philippines and Best Transaction Bank in the Philippines by The Asset (2011), Best
Foreign Cash Management Bank in the Philippines by Asiamoney (2011), and Best International Trade Bank in
the Philippines by Trade Finance Magazine (2012).
Philippines—Country Profile 3
Country Overview
Head Office Address
9/F Citibank Tower
8741 Paseo de Roxas
Makati City
Philippines
Location of Branches
Alabang
Binondo
Cebu
Libis
Makati
San Juan
4 Philippines—Country Profile
Clearing Systems
The Philippine Clearing House Corporation (PCHC) is owned and operated by private banks. Clearing is
electronic and uses a multilateral netting system, while settlement is completed by the BSP, the central bank of
the Republic of the Philippines.
Philippines Clearinghouse
The PCHC also provides physical check clearing through its electronic Peso payment system for Metro Manila
and other integrated regions. The BSP is also the network’s settlement bank. At present, there are a total of 86
participants in this network.
The Electronic Check Clearing System (ECCS) is an online processing system developed, maintained and
utilized by PCHC for check clearing. The ECCS allows banks participating in the Greater Metro Manila Clearing
zone to gain access to a central computer, the ECCS Host Computer at PCHC, for purposes of check clearing.
The ECCS is designed to provide the data communication network infrastructure linking member banks to allow
electronic transmission of banks’ outward clearing information anytime within a pre-defined clearing window.
Effective January 2011, a check that is dishonoured by reason of insufficiency of funds or credits shall be
returned by the drawee bank to the negotiating bank not later than 7:30AM on the day immediately following
the date of presentment of the check for deposit. Cleared funds shall be available 3 days from clearing.
Immediate availability of funds is only permitted when the client has bills purchase facilities with Citi.
The check clearing process is comprised of the electronic clearing results and the validation of physical checks.
Net results are settled at the end of the day at the BSP.
Regional Clearing System
All checks drawn and presented for payment in the Greater Manila Area (GMA), the Integrated Regions (within
150 km radius of Manila), or at 27 newly BSP-connected rural regions are cleared through PCHC. In total, the
BSP has 27 regional clearing units nationwide, all connected online with the BSP headquarters.
Electronic Funds Transfers
Cross border funds transfers are executed via SWIFT. On the other hand, domestic funds transfers are
categorized into USD transfers and PHP transfers. There are two ways by which USD transfers can be
executed through two avenues:
Philippine Domestic Dollar Transfer System via end of day netting (PDDTS-EOD)
Philippine Domestic Dollar Transfer System—Real Time Gross Settlement (PDDTS-RTGS)
PHP can be transferred using the following local systems:
Philpass Real Time Gross Settlement (Peso-RTGS)
Philippine Clearing House Corporation’s Electronic Peso Clearing System (PCHC EPCS)
PDDTS is a facility that provides the banking industry a means to remit USD from one PDDTS participant to
another on the same day. The system provides for both online and RTGS, and an end-of-day netting option.
PDDTS is regulated by the Bankers Association of the Philippines (BAP). At present, the system’s clearing
agents are the Philippine Central Depository (PCD) for RTGS and PCHC for the end of day netting. The
settlement bank for both is Citi in Philippines.
RTGS is a method of funds settlement, which occurs on a transaction-by transaction basis continuously in real-
time without netting debits against credits.
It is an automated facility, normally run by a country’s central bank, to effect high-value payment transactions
between banks through the deposit accounts of the banks that are maintained with the central bank.
Philippines—Country Profile 5
Clearing Systems
RTGS is a real time settlement system; the system effects the final settlement continuously rather than
periodically at pre-specified times provided that a sending bank has sufficient balances or credit. The
settlement process is based in real time transfer of central bank money.
EPCS is a funds transfer facility from one bank to another on the same day. This system is owned and jointly
operated by BAP and PCHC. This system is a multilateral netting system similar to PDDTS except that BSP
acts as the settlement bank instead of Citi in Philippines.
Funds Availability Schedule
Clearing System Cut-off Time Payer Funding Date
Beneficiary CR Date
Beneficiary Value Date
Local Currency—Electronic Transfers Incoming: end of day
Value Day Value Day Value Day
Outgoing: 12:00 PM
Depends on Beneficiary Bank
Local Currency—Other Banks Depends on Bank
Local Currency—Book-to-Book Electronic Fund Transfers: None
Manual Instruction Fund Transfers: Banking Hours
Value Day Value Day Value Day Bank Hours
Foreign Currency—Transfers USD
Domestic: 3:00 PM
Cross-border: 4:00 PM
Value Day Value Day Value Day
Check Deposit Bank Hours Same Day Debit: Value Day Debit: Value Day
Credit: Value Day +2 Days
Credit: Value Day +2 Days
6 Philippines—Country Profile
Foreign Exchange Controls
Current Foreign Exchange Practices
The Philippines has instituted reforms to liberalize and streamline the foreign exchange regulatory framework.
This does not preclude though, requiring support documents for purchases of foreign currency against pesos.
For repatriation of capital and remittance profits, foreign investments must be registered with the Bangko
Sentral ng Pilipinas.
Foreign Exchange Market
The USD/PHP interbank market trades an average volume of USD900MM per day. The swaps market sees
flows of approximately USD350MM daily. Forwards are commonly used by hedgers. Options are
likewise available.
Market Rates
Currently, the Philippines supports a freely floating exchange rate system whereby the BSP leaves the
determination of the exchange rate to market forces. Per their mandate the BSP can take action to smoothen
sharp fluctuations in the exchange rate.
The floating exchange rate regime was adopted in 1970 as a less disruptive system to the economy. The
floating rate system is consistent with the current regime’s national strategy of achieving external
competitiveness through efficiency.
Foreign Exchange Convertibility/Transferability
PHP conversions exceeding USD60,000 requires an application to purchase foreign exchange in the
prescribed format and supporting documents from the purchaser of foreign currency. Central bank approval is
required for PHP conversions exceeding USD60 million for foreign investments and loan repayments. For a
detailed listing of the foreign exchange regulations, one may refer to BSP : Manual of Regulations on Foreign
Exchange Transactions, which may be found at www.bsp.gov.ph.
Philippines—Country Profile 7
Taxation
Corporate Income Tax
Corporate income tax rate both for domestic and resident foreign corporations in Philippines is 30%. Regional
operating headquarters are taxed at 10% on taxable income.
Withholding Tax
Dividends: Dividends distributed by a Philippine company to a non-resident are taxed at the rate of
15%, provided the country of the non-resident foreign corporation allows a tax credit of
15%. Otherwise the dividends are taxed at the rate of 30%. The withholding tax may
be reduced under a tax treaty.
Interest: Interest paid to a non-resident is subject to 0–30% withholding tax unless the tax is
reduced under a tax treaty.
Royalties: Royalties paid to a non-resident is subject to a 30% withholding tax unless the tax is
reduced under a tax treaty.
Branch remittance tax: A 15% branch profit tax is levied on the after tax profits remitted by a branch to its
head office.
Value-added Tax
Value-added tax (VAT) is levied on the sale of goods and services in Philippines at the rate of 12%.
Transfer Pricing
Arms-length transfer pricing is practised for any inter-company arrangement. For more detailed information,
please refer to URL of Tax Authority: Bureau of Internal Revenues (http://www.bir.gov.ph)
8 Philippines—Country Profile
Investment Opportunities
Inward Foreign Investments
BSP registration is not required for inward foreign investments unless the foreign exchange to be used for
repatriation of capital and remittance of dividends, profits and earnings which accrue thereon shall be
purchased from the local banking system. Inward foreign direct investments and investments in peso-
denominated money market instruments shall be registered directly with the BSP. For the registration of foreign
direct investments, a Certificate of Inward Remittance by an Authorized Agent Bank (AAB) is required by the
BSP. Upon registration, a Bangko Sentral Registration Document (BSRD) shall be issued by the BSP.
Inward foreign investments may be in the form of:
(i) Foreign direct investments in Philippine firms or enterprises
(ii) Investments in peso-denominated government securities
(iii) Investments in securities listed in the Philippine Stock Exchange (PSE)
(iv) Investments in peso-denominated money market instruments; and
(iv) Investments in peso time deposits with AABs with a minimum maturity of 90 days
Outward Investment
Residents can invest outside of the Philippines and source up to US$60 million of foreign exchange annually
from the banking system without prior BSP approval. The required documentation includes proof of investment,
income tax return and written undertaking to remit back and convert to PHP the liquidation proceeds of said
foreign investment including dividends and earnings thereon.
Overnight Investment and/or Sweeps
A Liquidity Management Sweep is an efficient and flexible means of physically concentrating funds at the end
of the day into a single account called the “Leader/Major/Concentration” Account. It operates on a single
currency and single branch basis.
Stock Market
The Philippine Stock Exchange (PSE) is a private organization that is responsible for a fair, efficient,
transparent and orderly securities market.
PSE traces its roots from the country’s two former bourses: the Manila Stock Exchange (MSE) and the Makati
Stock Exchange (MkSE). Founded in March 1927, the MSE was the first stock exchange in the Philippines. The
MkSE, on the other hand, was established in May 1963 and became the second bourse to operate in
the country.
The two bourses remained separate entities for almost 30 years before merging into the PSE in December
1992. Despite being the sole exchange in the Philippines, PSE still maintains two trading floors – one in Makati
City and another one in its head office in Pasig City.
In June 1998, the Securities and Exchange Commission (SEC) granted PSE a Self-Regulatory Organization
(SRO) status, allowing it to impose rules as well as implement penalties on erring trading participants and
listed companies.
A year after the enactment of the Securities Regulation Code in 2000, which called for its conversion into a
stock corporation, the PSE was transformed from a non-stock, member-governed organization into a
shareholder-based, revenue-earning company. Following this, the separation of the PSE’s ownership and
trading rights occurred, which opened the doors for new market players. This as well as the subsequent listing
of its own shares and ventures into new products such as debt securities has established the PSE as a more
competitive organization with stable revenues and cutting-edge products and services.
Philippines—Country Profile 9
Investment Opportunities
Equity Market
Securities are traded in the Philippine Stock Exchange (PSE) which is under the auspices of the Securities and Exchange Commission (SEC). Trading is daily except Saturdays, Sundays, legal holidays and days when the BSP Clearing Office is closed. Trading of Equities begins at 9:30 a.m. and end at 3:30 p.m. The method of transaction is a double auction market between a buyer and a seller who is represented by a stock broker. Stock trading is fully automated and script less, under the PSE’s trading system. All Exchange trades in listed securities are reported, confirmed and settled through the Securities Clearing Corporation of the Philippines (SCCP), unless otherwise exempted by Exchange or Government laws, rules and regulations. Equity trades are settled on the third day after trade date, i.e., T+3. Direct Trading Participants settle through Delivery-versus- Payment (DVP) Settlement System. As such, cash obligations are settled through the cash settlement banks, while exchange of equities shares is done through the Philippine Depository & Trust Co. (PDTC) not later than 12:00 noon of the settlement date. Equities market capitalization is at USD239Bn as of end June 2012 with 244 listed companies. Fixed Income Market
The PHP market is predominantly composed of government securities (85.71% of the market’s total outstanding). The private sector commercial paper market is small, presenting many obstacles to foreign investors. However, the development of the euro-peso bond market for foreign issuers has generated interest. Bond market liquidity is poor, as evidenced by turnover versus outstanding, even in relatively well -traded sectors of the market. The total outstanding government securities are valued at USD73.58Bn as of end April 2012.
Instruments Traded Equity
Foreign investors may invest up to 100% of the authorised capital stock in Philippine equities. However, under the Foreign Investments Act (FIA) of 1991, there are certain areas of investments, which are either nationalised or reserved exclusively to Philippine nationals, partly nationalised or where foreign ownership is allowed only up to a certain percentage of the total equity. A. Ordinary Shares
Ordinary shares or common stocks are listed and traded on the PSE, some of which are denoted as either Class A or Class B shares. While both have the same voting rights and entitlements, A-shares are limited to Philippine nationals (Filipinos) only, and both Filipinos and foreigners can own B-shares. Unclassified stocks will follow restrictions on foreign ownership under the Foreign Investment Act (FIA). B. Preference Shares
Preferred shares are not actively traded, only a few are listed and traded on the PSE. The only difference between common and preferred shares is their voting rights. C. Warrants
Warrants are listed and traded on the PSE. D. Depositary Receipt Programs
Some local securities are listed and traded on the NYSE, NASDAQ, and Toronto Stock Exchange, as American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs).
Fixed Income A. Treasury Bills
Bills with tenors: 91-day, 182 day and 364 day are available on auction every two weeks. There are also Fixed-rate Treasury Notes of tenors 2, 3, 4, 5, 7, 10, 20 and 25 years on auction every 2 weeks. There are no foreign ownership restrictions on fixed income securities such as Treasury bills (T-Bills) and Fixed Rate Treasury Notes (FXTNs).
10 Philippines—Country Profile
B. Government Bonds
Small denominated government securities aimed at providing long-term investments outlet for individual investors (usually 3 and 5 yrs) issued through underwriters rather than through primary dealers. C. Commercial Paper
Issued by leading companies to the public and regulated by the Securities and Exchange Commission (SEC).Settlement is done through a central clearing facility called the Philippine Depository and Trust Corp. (PDTC). There are no foreign ownership restrictions on Commercial Papers. D. Corporate Bonds
Issued by leading companies to the public and regulated by the Securities and Exchange Commission (SEC).Settlement is done through a central clearing facility called the Philippine Depository and Trust Corp. (PDTC). E. Other Debt Instruments
Dollar-linked Promissory Notes Peso-denominated coupon bonds where cash flows are adjusted to the USD/PHP exchange rate at time of payment Bank Issues
Peso and Dollar Time Deposits
Long Term Negotiable Certificates of Deposit (LTNCD)
Philippines—Country Profile 11
Trade Regulations
Trade Regulations
The Philippines government has liberalized both the importation and exportation of goods and tariffs have been
reduced for certain imported products. The Philippine government has also instituted policies in support of
exporters.
In the Philippines many kinds of merchandise are permitted for importation. However, the importation of certain
commodities is regulated or prohibited for reasons of health, safety, national security, international
commitments and the development of local industry. The government has implemented an import liberalization
program to encourage long-term growth of local industries.
The BSP has also issued several circulars to implement import liberalization. These measures include
imposition of zero tariffs on raw materials that are not currently offered in the World Trade Organization, most of
which are subject to 3% tariff rate.
The Philippines has no regulations that inhibit exports, with the only exceptions being on certain commodities
that are regulated or prohibited for reasons of national interest or by law. Exports are highly encouraged by the
government to the extent that exporters are provided capital credit facilities for their peso requirements from
local commercial banks, without BSP approval. However, this is subject to certain conditions.
For more detailed information, please refer to the URL of the Central Bank: Bangko Sentral ng Pilipinas
(http://www.bsp.gov.ph)
Deposit Protection/Insurance Scheme
The Philippine Deposit Insurance Corporation (PDIC) is a government corporation established in June 1963
under Republic Act (RA) 3591. PDIC’s role as envisioned by the congress is to encourage savings in banks
and draw idle funds into the banking system, protect insured deposits in the event of bank closures, help
promote a sound and stable banking system, and foster public confidence in the banking system. The amended
act expands the coverage. The amount due to any bona fide depositor for legitimate deposits in an insured
banks net of any obligation of the depositor to the insured bank as of the date of closure, but not to exceed Five
Hundred Thousand Pesos (P500,000.00). For more detailed information, please refer to the URL of Philippine
Deposit Insurance Corporation (http://www.pdic.gov.ph/index.php?nid1=10#sec5).
12 Philippines—Country Profile
Citi Solutions and Services
Account Services
Allowed—No
Material Restrictions
Allowed—Straight Forward
Regulations, Approval, or License
Allowed—Challenging
Regulatory Approval, or License
Allowed—Subject to a
Complex Set of Rules
Strictly prohibited
Non-Residents Residents
Operating Accounts (1)
Onshore Local Currency
Onshore Foreign Currency
Offshore Local Currency
Offshore Foreign Currency –
Overdrafts (2)
Onshore Local Currency
Onshore Foreign Currency
Interest-Bearing Accounts (3) (4) (5)
Onshore Local Currency Operating Accounts
Onshore Foreign Currency Operating Accounts
Time Deposits
Onshore Local Currency: No minimum tenor
Onshore Foreign Currency: No minimum tenor
Domestic Notional Pooling (6)
Onshore Local Currency
Onshore Foreign Currency
Inter-Company Lending (7) (8)
Non-Resident to Resident
Resident to Non-Resident
Local Currency
Foreign Currency
Non-Residents Residents
Local Currency
Foreign Currency
Philippines—Country Profile 13
Citi Solutions and Services
Central Bank and Other Regulatory Requirements
All transactions exceeding PHP 500,000 are included in daily transaction report filed by the bank to
the Central Bank
Other Payment and Clearing Considerations for Treasury
Netting of payments between parties is disallowed
Non-residents making pay-on-behalf-of residents is permitted
Remittances
If the foreign exchange for the dividend and profit remittance is purchased from the banking system, proof of
registration of the foreign investment with the BSP must be submitted. AABs also require the submission of,
among others, audited financial statements, proof of payment of taxes and a board resolution.
Royalties and Fees
Royalties are subject to tax and registration if foreign currency is purchased from the banking system.
The purchase of foreign exchange for fees must also be supported by documentation if the foreign exchange is
sourced from the banking system.
Capital
Capital repatriation is subject to regulatory clearance and tax. BSP registration is also required if the foreign
exchange is purchased from the banking system.
Interest and Principal
Foreign exchange can be purchased from the banking system for payment of principal/interest eligible/BSP-
registered loans. A BSP loan approval letter and creditors billing statement is required for such purchases.
Documentation
Submission of specific documents is required for FX purchases from AABs and affiliated foreign exchange
corporations. Documentation is not required for purchases of foreign exchange by residents if not exceeding
US$60,000 for non-trade transactions.
Savings Account for Corporations
Residents can hold foreign currency accounts with any local authorized bank. Non-residents can hold PHP
accounts with a local bank provided that these are funded by inward remittances. There are no such restrictions
for foreign currency accounts held by non-residents with a local bank. All purchases of PHP foreign exchange
above US$60,000 for trade and nontrade purposes must be supported by BSP prescribed documents.
Residents can only purchase foreign exchange without supporting documents for non-trade purposes for a
maximum of US$60,000. Under law, this must occur within 15–20 calendar days.
14 Philippines—Country Profile
Citi Solutions and Services
Securities & Funds Services Citi is the largest foreign bank in the Philippines and a recognized leader in the local financial community. Established in 1902, Citibank N.A. Philippines currently has six branches and the local Citi Savings Bank has 36. Citi ranks among the top six banks in the country in terms of assets and income. Citi is a leading provider of Corporate, Investment, and Consumer Banking. Citi Securities & Funds Services, Philippines holds the largest market share of foreign broker-dealers among all custodian banks in the Philippines, and is able to process efficient book-entry settlements for custodian banks and investors. In addition, Securities & Funds Services, the Philippines has at least 60% of local financial institutions assets under custody and one-third of the foreign custody business in the Philippines. Citi Philippines’ close involvement with the regulators gives us the opportunity to air our views and those of our clients in a way that can influence the final shape and form of policy. Securities and Funds Services Philippines provides the following services:
Settlements Corporate Action Management Income Collection Registration of Investments Repatriation of Dividends and Sales Proceeds Reporting Nominee Services Funds Accounting Services Cash and Securities Account Maintenance Foreign Exchange Domestic and International Funds Transfers Issuer Services – Depositary Receipts Performance Measurement Multi-Currency Reporting Escrow Services Security Agency Services Receiving Bank Services
Citi Philippines is well recognized in industry surveys as one of the leading custodians in Asia and has been afforded a number of ratings, designations and awards which include Top Rated status since 1998 in Global Custodian’s Emerging Markets.
Notes: (1) Overdrafts on operating accounts are disallowed. (2) Daylight overdraft is permitted. (3) Bank interest earned by residents is subject to 20% withholding tax on PHP and 7.5% withholding tax on foreign currency. (4 ) Bank interest earned by non-residents is subject to 30% withholding tax on PHP (or as otherwise stated by tax treaty) and exempt from withholding tax on foreign currency. (5) Documentary stamp tax of 0.5% is applicable on accounts earning interest at a rate that is at least 50% higher than the lowest interest rate paid on accounts of the same category with the bank. (6) Notional pool strongly rests on the bank’s ability to enforce its right to set off balances in one account versus overdrafts in another account across legal entities. Such right is not sufficiently provided for under Philippines law. (7) Inter-company lending is subject to 0.5% Documentary Stamp Tax. No withholding tax is applicable. (8) No thin capitalization rules for non-Philippines listed entities.
Notes—Country Profile 15
Notes
Citi Transaction Services www.transactionservices.citi.com © 2012 Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. The information contained in these pages is not intended as legal or tax advice and we advise our readers to contact their own advisors. Not all products and services are available in all geographic areas. Any unauthorised use, duplication or disclosure is prohibited by law and may result in prosecution. Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A. Citibank, N.A. London branch is registered in the UK at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, under No. BR001018, and is authorised and regulated by the Financial Services Authority. VAT No. GB 429 6256 29. Ultimately owned by Citi Inc., New York, U.S.A.