MANILA, Philippines?Citibank Philippines vowed on Monday to fully reimburse clients who were swindled by former wealth management executive Francis Bryan Ang.

Citibank legal counsel Pia Pena-Lacson, in a brief statement, said investigation was still ongoing in relation to the transactions initiated by Ang, as of Monday.

Pena-Lacson claimed that Ang, who recently disappeared after the swindling was discovered, had confessed to "fraudulent" activities. The Citi statement did not elaborate on the fraud involved but other industry sources said Ang, a wealth management executive and the son of a local politician, swindled clients by giving them fake certificates of time deposits.

The clients were unable to double-check with the monthly statement of accounts that they regularly received. It was also presumed that Ang had solicited funds in cash and thus was easily able to siphon off the funds while avoiding the paper trail involved if clients were to issue checks payable to the bank.

"We wish to assure our clients that the accounts that incurred losses as a direct result of this incident will be refunded in full," Pena-Lacson said.

"We have identified a very small number of clients who are impacted. We are reviewing these accounts and our priority is to work closely with these clients to ensure a satisfactory outcome,? she added.