Citibank executive missing; sacked

MANILA, Philippines. – A private banking officer of Citibank has gone missing after allegedly embezzling some PHP300 million (AUD7.5 million) of his clients’ money.

Francis Bryan Ang, former assistant vice-president of the bank’s Citigold Wealth Management group, is the manager of Citibank’s high net worth (HNW) non-borrowing clients. These depositors, who are mostly wealthy Chinese Filipinos have balances of at least PHP4 million.

Citigold clients enjoy many privileges such as special interest rates, premium financial information and personal attention from a bank management team. They also enjoy free parking within the bank’s premises.

It was learned, however, that the young executive carted away several millions of his clients’ money. One client lost P10 million from his time deposit after Ang allegedly forged his signature. Inside sources also revealed that Ang changed the client’s address so that bank statements would not reach the account owner.

Ang became successful in attracting fresh funds from prospective clients because he promised much higher interest for time deposits and other money placements than what was officially offered by the bank.

Bryan Ang, 36, is the eldest son of Manila Councillor Bernie Ang. He graduated at Xavier High School in 1992, and obtained a Bachelor’s Degree in Economics at the University of the Philippines in Quezon City.

Many of Ang’s former clients refused to speak on camera until Citibank has agreed to return their money.

Senior officials of the Citibank head office in the Philippines said it has already terminated Ang’s employment. Civil and criminal cases against him have already been filed by the bank. – ?