Ana Cristina López

TBY talks to Ana Cristina López, CEO of Citibank El Salvador, about the bank’s activities in Central America, cybersecurity, and goals for the future.

Can you highlight the key moments of Citi’s evolution in El Salvador?

Citibank opened its first branch here in 1964, then called The First National City Bank. I joined Citi in 1995 with a team of just 45 people. From the start, our focus has been on corporate banking, and our clients have led their industries, with TACA International Airlines among our earliest. In 2006, Citi acquired two regional banks—one in El Salvador and one in Nicaragua—to strengthen corporate banking. This move expanded our team from 95 to nearly 4,000 employees and allowed us to offer a full suite of services, including pensions, insurance, retail banking, credit cards, and corporate banking, all integrated on one platform for about a decade. In 2014, Citi decided to divest its consumer banking operations across 13 jurisdictions globally, including El Salvador. During this period, we re-established Citi’s corporate banking focus, reopening our office in the same location where we were before but fully remodeled to meet Citi’s global standards. We invited our corporate clients to return to Citi El Salvador, now exclusively as a corporate banking franchise. In 2017, I took on dual roles as Country Officer and Corporate Bank Head. Looking back, managing both roles has been incredibly rewarding and has given me a comprehensive understanding of the banking sector. The bank made a significant shift in 2023 when we were asked to become the first franchise in the Caribbean and Central America to go cashless. This was a major project, even though 94% of our clients’ transactions were already digital. We focused on transitioning the remaining 6% to a cashless model, and in March 2024, we closed our teller services. This approach has been effective for our client base, and we look forward to seeing financial education and inclusion progress so that it becomes feasible for others in the future as well.

Which sectors do you have the most influence on in El Salvador, particularly at the corporate level?

We primarily serve four client sectors in El Salvador and across Citi’s corporate footprint: local conglomerates that originated in El Salvador and expanded internationally; the public sector, where we assist government clients with bond issuance and handle various transactional needs; subsidiaries of multinational corporations including large retail and consumer goods companies with a presence here; and local banks. This unique client model is further strengthened by our local presence, treasury, and full operational capabilities in El Salvador. Our clients also benefit from Citi Direct, our global platform that provides single-point access for companies to monitor their global finances in real-time. This level of connectivity is a key differentiator for us, offering our clients enhanced visibility and control over their corporate finances daily.

What recent innovations in the country have affected your business?

Technology is a major focus for us, especially as our clients increasingly demand speed. In 2023, we implemented our first electronic loan solution, which many clients have since adopted. It is a seamless solution that allows clients to self-serve their loans under a master contract. This innovation has been a game changer, reducing paperwork and eliminating the need for signatures, promissory notes, and other manual steps. Another key product is our Supply Chain Finance, which is entirely electronic. Clients can upload invoice files, allowing registered suppliers to access payment on the system, and Citi handles the collections. This process optimizes working capital cycles and provides suppliers access to competitive market rates they might not otherwise secure. The pandemic accelerated our shift away from checks to digital payments, which has significantly changed the industry. In El Salvador, we have two electronic clearinghouses: ACH (private) and Transfer 365 (government-led), both of which Citi supports. Clients can choose either system based on their payment preferences, further enhancing digital transaction efficiency. Citi’s digital channels are quite robust, allowing payments across borders with minimal friction.

What is Citi’s approach to cybersecurity?

We have specialized experts stationed across our three global cybersecurity fusion centers, with a robust infrastructure in place to manage security controls and act as industry benchmarks. We conduct regular phishing simulations and even reward employees who excel in identifying phishing attempts, reinforcing vigilance. We also organize regular sessions where our cybersecurity experts provide clients with international best practices. In markets where cybersecurity may still be emerging, Citi’s presence helps promote awareness and education. Fraud is becoming increasingly sophisticated, so it is vital to continually educate executives and the general public as well. For Citi, cybersecurity is in our DNA. Protecting our clients’ data is as high a priority as knowing our employees and delivering robust solutions—cybersecurity is always at the top of that list.

What are Citi’s plans for supporting corporate social responsibility and sustainability initiatives?

Citi has committed to a USD1-trillion sustainability goal, with USD443 billion allocated as of 2023. Sustainability is now a core part of our culture, impacting both the bank and society. Through partner banks, we fund projects that meet sustainable financing criteria, and our philanthropic arm, Citi Foundation, supports global causes. Last year, its Global Innovation Challenge focused on homelessness, awarding USD500,000 to a Salvadoran NGO. Citi Foundation has also addressed food security, women’s empowerment, and youth initiatives. In El Salvador, all private banks have signed a sustainability framework in alignment with Citi’s global goals. We recently launched Mujer Avanza, a women’s empowerment initiative that brings together women in the banking sector. Additionally, we offer clients resources like the Citi Women’s Network and Family Matters Network, encouraging them to share their initiatives. This approach reflects our CEO’s vision of meaningful engagement, connecting with clients and local authorities on more than just business—something we are extremely proud of.

What are your main objectives for the future?

Looking ahead, we aim to continue opening doors and championing the El Salvador brand for both our clients and international investors. As El Salvador’s economic indicators improve and agreements strengthen, we are optimistic that stability—and its many benefits, including better risk ratings—will follow. Citi is proud of our local team of 86, impacting countless lives, and we plan to keep a hybrid work model for better flexibility and work-life balance. We will continue supporting diverse industries, and our global reach helps us adapt as markets shift. Overall, I see positive prospects and a growing sense of optimism and empowerment among Salvadorans, with a more confident collective mindset.