The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Wed, August 10, 2022 | 02:48
Companies
Citibank Korea announces plan to close retail banking services
Posted : 2021-10-25 13:05
Updated : 2021-10-25 15:13
Print Preview
Font Size Up
Font Size Down
Citibank Korea headquarters in Seoul / Yonhap
Citibank Korea headquarters in Seoul / Yonhap

Citibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, said Monday it will close its retail banking services "in phases" after more than three decades.

The move to pull out from consumer banking in South Korea came six months after Citigroup said that it will exit consumer banking operations in 13 markets, including South Korea, as part of its global business reorganization.

On Friday, Citibank Korea's board of directors "approved to wind down Citi's consumer banking business in Korea, as part of the bank's global strategy refresh announced on April 15." Citibank Korea said in a press release, adding it made the decision after a comprehensive review of all offers.

Citibank Korea, which began retail banking services in 1986, said that it will carry out a voluntary retirement program for its employees in consultation with the local union, while pushing to reassign those who have worked in the soon-to-be-closed service area to other fields.

The bank will also plan to minimize any inconveniences for customers through close coordination with financial authorities and maintain services until relevant contracts with depositors expire.

Citi to shut Korea's retail banking without sell-off
Citi to shut Korea's retail banking without sell-off
2021-10-24 16:07  |  Companies

"Citibank Korea will comply with the applicable laws, regulations and procedures during the process to minimize any inconvenience to our customers and implement employee protection measures, including voluntary retirement program," Yoo Myung-soon, CEO of Citibank Korea, said in the press release.

"We have been in Korea for more than half a century and are committed to supporting growth and progress in the country. We will continue to invest in and grow our market leading institutional franchise in the country," she added.

South Korea's Financial Services Commission said that it will take necessary measures in an active manner to protect customers from the planned closure of Citibank Korea's retail banking services.

Citigroup opened its first branch in South Korea in 1967 and launched Citibank Korea in 2004 after acquiring KorAm Bank.

Citibank Korea employs around 3,300 people in South Korea, of which some 2,400 are working at more than 30 branches involving consumer banking services, according to the bank. (Yonhap)



 
LG
  • Capital region to see additional 300 millimeters of rain until Friday
  • [PHOTOS] Damage after torrential rains
  • Visa regulation pits Jeju islanders against justice ministry
  • Canadian YouTuber takes viewers on brewing adventures in Korea
  • Yoon details whereabouts during record downpour to curb conspiracy theory
  • Heavy downpour disrupts e-commerce deliveries
  • Former Starbucks Korea CEO leads growth of Shinsegae brand JAJU
  • North Korea releases water from border dam after downpours
  • Ex-President Lee Myung-bak unlikely to be released
  • Coupang aims to strengthen profitability through financial biz
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • Netflix's 'Narco-Saints' to be released Sept. 9 Netflix's 'Narco-Saints' to be released Sept. 9
    • [INTERVIEW] Leandro Erlich's questioning of our perception of reality carries new meaning in pandemic [INTERVIEW] Leandro Erlich's questioning of our perception of reality carries new meaning in pandemic
    • BLACKPINK to start world tour in October BLACKPINK to start world tour in October
    • [INTERVIEW] Im Si-wan found own narrative for villain role in 'Emergency Declaration' [INTERVIEW] Im Si-wan found own narrative for villain role in 'Emergency Declaration'
    • 'Free Chol Soo Lee': How young Korean immigrant's wrongful conviction led to pan-Asian American resistance movement 'Free Chol Soo Lee': How young Korean immigrant's wrongful conviction led to pan-Asian American resistance movement
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group