Citibank Korea to focus on corporate banking
Citibank Korea headquarters in Seoul. Courtesy of Citibank Korea
By Lee Kyung-min
Citigroup, Citibank Korea's headquarters, announced April 15 that it will cease consumer banking operations in 13 markets, including Korea.
It added that the move is intended for the U.S.-based bank to boost its global competitiveness and streamline its business structure in the long term.
The group said it will review and implement optimal plans for customers and employees in Korea, while using the opportunity to reorganize and strengthen its Korean businesses to focus on corporate banking.
Citibank Korea opened on Sept. 8, 1967, when Korea's rapid industrialization was picking up speed. The bank's first corporate banking branch was located in downtown Seoul.
Built on the successful operation of the corporate banking business, Citibank Korea became the first foreign bank to offer consumer banking services in 1986.
It also launched private banking services in 1989 for the first time in Korea, while offering 24/7 ATM access in 1990 and a 24-hour phone banking service in 1993 for the first time in Korea. All these firsts paint an image of the bank as a leader in the introduction of new financial systems to the Korean financial market.
It also started operating a Korea Desk in New York in the 1990s to help domestic companies enter the U.S. market.
The bank's Korea Desk, now located in major cities around the world, has assisted Korean companies operating in overseas markets with diverse global financial solutions in corporate banking, investment banking, local financing, foreign exchange and fund management and trade finance sectors.
Citibank Korea organized and supported social contribution programs. Its main programs are “Citi Building Hope & Home” starting in 1989 where the bank helped build houses for families in need as the first company to sign a partnership with Habitat for Humanity Korea.
The bank also operated a program called “Think Money” with the National YWCA of Korea since 2006 to provide financial education to teenagers.
Since 2001, it has also partnered with Ewha Womans University to open the “Ewha-Citi Global Finance Academy” to educate and cultivate female talent in the financial industry.
A Citibank Korea official said, “Since Citi opened its first branch in Korea in 1967 and launched Citibank Korea in 2004, we have made contributions to the growth and development of Korean society through long-term social and other contributions as well as through investment in the Korean financial market.”