By Kim Jae-won
Citibank Korea said Tuesday that it offers one-stop financial services for foreign companies and expatriates, using its accumulated expertise on everything from foreign exchanges and funding to cash management and trade.
The local unit of the New York-based company has supported over 850 multinational firms here for the last four decades, helping them invest and operate their businesses here.
“Citi Korea serves as an investment channel when a foreign multinational wishes to establish a joint venture or strategic alliance with a large Korean company by providing foreign exchange consulting services and hedging transactions to reduce risks,” said the lender in a statement.
Citibank said it also offers treasury management and export and import-related foreign exchange deals for foreign companies.
Having solutions for both local and overseas payments, its account payable options allow companies to operate securely, while saving on costs and increasing working capital.
The bank’s target balancing and various liquidity management options enable firms to maximize returns by optimizing cash positions in both local and foreign currencies.
In addition to corporate services, Citibank Korea provides professionals and expats with convenient financial services for their personal financial needs.
Major services include one-on-one financial advice from dedicated staff, 100 percent discount on FX rates for domestic transactions, overseas remittance and deposit transactions.
In 2013, the lender plans to launch additional services in partnership with relocation providers to further support expatriates while settling in the country. It currently serves foreign customers through 12 global branches in Seoul and its Foreign Customer Call Center.
The lender also spares no effort in corporate social responsibility programs by helping local underprivileged people find hope in their lives. Building houses for the homeless is one example, a decade-long project in association with Habitat Korea, a local unit of the U.S.-based non-profit organization.
Citibank was the first foreign lender to establish a presence in Korea in 1967, marking 45 years as a trustworthy partner for consumers and companies alike.
After the acquisition of KORAM Bank in 2004, it now serves more than 5 million individuals and around 30,000 corporate clients, employing about 5,000 people.
It has a well-balanced and diversified business portfolio, ranging from corporate banking, investment banking, retail and commercial banking, credit cards, leases and financing, and credit services.
Its capital strength is among the strongest of all banks operating in the local market. CEO Ha Yung-ku has led the lender for the last 12 years as the longest-serving banking chief executive in Korea.
Citibank has approximately 200 million customers worldwide and does business in more than 160 countries and jurisdictions. Businessmen can leverage the lender’s global and local networks to offer customers, whether individuals or companies, a full suite of end-to-end solutions.9