Citigold Banker Allegedly Duped Rich Clients In Manila

Vanessa Doctor

26 August 2010

A private banking officer at Citibank's Binondo, Manila branch has allegedly run off with hundreds of millions of clients' money, a report by ABS-CBN News reveals.

Francis Bryan Ang is the former assistant vice president of the Citigold Wealth Management unit, which handles deposit accounts for high net worth clients with at least Php4 million ($89,000). The news service said Ang had taken over Php100 million ($2.2 million) of client funds.

In an interview with one of Ang's Citibank customers, the publication said that the banker had allegedly forged his client's signature and changed the latter's address so that bank statements did not reach the owner. He had also reportedly promised customers a higher interest rate for time deposit accounts than what the bank actually offers. Aggravating the allegations was the fact that Ang also lived a rather extravagant lifestyle.

Several days after reports of his disappearance erupted, an article in The Philippine Star revealed an interview with Ang's father, Manila 3rd District councilor Bernie Ang, who had stressed that his son is not guilty. He said that the younger Ang will face all the accusations against him "at a proper time and forum."

Bernie Ang reportedly said that his son had discovered certain anomalous transactions within the bank and had told his superiors of the discrepancies before the accusations came out. He also gave an assurance that the younger Ang will eventually speak to prove his innocence.

Bryan Ang has yet to comment to this publication.