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Tag: the philippines

  • Citigroup to exit consumer banking in Vietnam

    Citigroup to exit consumer banking in Vietnam

    America’s Citigroup will exit 13 international consumer banking markets, including Vietnam, to shift its focus to four wealth centers.

    The move is part of the bank’s strategic decision to direct investments and resources to businesses with the greatest scale and growth potential, it stated, adding its main markets will include Singapore, Hong Kong, the United Arab Emirates and London.

    Apart from Vietnam, 12 other markets to be affected are Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand.

    “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”

    The bank has not specified when it would leave Vietnam.

    Citigroup in 1994 became the first U.S. financial institution licensed to open a branch in Hanoi. It opened its second branch in Ho Chi Minh City in 1998.

  • Flash Coffee to open 300 outlets after fresh funding round

    Flash Coffee to open 300 outlets after fresh funding round

    Tech-enabled coffee chain Flash Coffee has raised US$15 million in its Series A funding led by White Star Capital, aiming to launch 300 stores this year.

    The Series A round sets the total capital raised by Flash Coffee to US$20 million. Investors include Delivery Hero-backed DX Ventures, Global Founders Capital, and Conny & Co.

    The raised funds will be used for accelerating Flash Coffee’s expansion plan in Asia. According to David Brunier, CEO of Flash Coffee, the company will enter into seven new markets this year: Hong Kong, Taiwan, South Korea, Japan, Malaysia, the Philippines, and Vietnam.

    “Our dream is to have a Flash Coffee every 500 meters in all major Asian cities,” said Brunier.

    “We will also build a regional HQ in Singapore and expand our regional tech hub in Jakarta to 50 people to support our vision of fully leveraging technology to improve customer experience, proactively drive growth and significantly increase operational efficiency.”

    Launched in January last year, Flash Coffee business model focuses on grab-and-go physical storefronts that rely on technology, allowing significant cost savings. The company now operates 50 outlets across Singapore, Thailand, and Indonesia.

  • Benoy expands in Philippines

    Benoy expands in Philippines

    Global design company Benoy is expanding its portfolio in The Philippines, confirming five new commissions while completing two schemes.

    A studio of architects, masterplanners, and interior and graphic designers, Benoy has been working in the region for more than a decade.

    “The Philippines is one of the strongest economies in Southeast Asia, and it has been an incredibly dynamic market for Benoy,” says director Stephen Chow. “We have seen opportunities increase as the country grows and competes on an international scale.”

    Benoy’s growing order book is mainly concentrated in the metro Manila area. Working with such developers as Ayala Land and Filinvest, the firm is involved in multiple sectors using the full complement of its services.

    In the City of Taguig, Benoy has been appointed as podium architect and interior designer for West Super Block, the latest edition to the Bonifacio Global City integrated urban plan. The development will comprise a four-storey retail podium, an all-suite residential tower and a Grade A office block that will house The Philippines Stock Exchange.

    Benoy is also doing the masterplan and architecture for a Makati mixed-use development in the heart of Manila’s commercial and financial centre. The scheme includes a commercial podium, 15-storey office tower and 39-storey residential tower – one of the tallest in the district.

    In Balintawak, a gateway from the north into Manila, Benoy is delivering an 11ha mixed-use masterplan. At the intersection of two highways, the Balintawak Masterplan includes retail, residential, commercial offices and a hospital. It will also be a regional transportation hub. Benoy is also architect for the regional mall on the site.

    A mixed-use development in Manila’s Chinatown has also been appointed to Benoy. One Binondo will feature a four-storey podium and include “micro retailing” (a trading form popular in the district), a Grade A office tower, three residential towers with landscaped gardens, a clubhouse, pool and recreational amenities.

    Also, Benoy is working on a visionary redevelopment plan for Alabang Town Centre, a retail destination in southern Manila. As part of this development, the firm will also complete the architecture plus interior and landscape design of a Lifestyle Centre at the heart of the scheme.

    “We are thrilled to have such a diverse portfolio in the Philippines,” says Chow. “It is very exciting to have the opportunity to help shape the future of the country.”

    Meanwhile, Benoy has completed two projects in Quezon City, the U.P. Town Center and Fairview Terraces, both developed by Ayala Land.

    U.P. Town Center, at the University of The Philippines campus, combines indoor and outdoor retail, dining and commercial uses within a landscaped setting. Forty per cent of the 88,000 sqm site has been designated as open space. As masterplanner and architect, Benoy is overseeing the three-phase project, with the final phase due for completing this year.

    In the city’s north, Fairview Terraces is a 135,000 sqm mixed-use development led by retail. Over five levels, the mall has about 420 retailers and a “boutique” supermarket. The focal point is a landscaped central promenade surrounded by pocket gardens and al fresco dining. Benoy completed the architecture as well as interior and graphic design.

    During construction for both schemes, trees on the site were protected. In the case of Fairview Terraces, a long-standing mango tree sits at the centre of the development.

    Previously, Benoy has overseen an extensive renovation of Ayala Alabang Town Centre.