SEOUL, Oct. 25 (Korea Bizwire) — Citibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, said Monday that it will close its retail banking services “in phases” in line with a global business reorganization drive. Citibank Korea held a board meeting on Friday and made the decision to pull out from consumer banking [...]
SEOUL, April 15 (Korea Bizwire) — Citigroup said Thursday it will exit consumer banking operations in 13 markets including South Korea as part of its global business reorganization. The U.S. banking giant opened its first branch in South Korea in 1967 and launched Citibank Korea Inc. in 2004 after acquiring KorAm Bank. The group announced [...]
SEOUL, Aug. 14 (Korea Bizwire) - Citibank will face disciplinary action after a leak of its “A+ Check Card” security data caused domestic card holders to suffer losses. The leak was traced to online payments service Paypal, which was hit by a BIN attack. Denoting the first six numbers of a check or credit card’s number, the [...]
SEOUL, May 18 (Korea Bizwire) – Citibank Korea, the local unit of U.S. banking giant Citigroup, said Wednesday that it will convert almost all nonregular workers on its payroll into regular employees by the end of this year. Citibank Korea said the beneficiaries include about 300 tellers and other workers with low wages, which account for 8.5 percent of its total staff. Bank CEO Park Jin-hei said the agenda to change [...]
SEOUL, April 14 (Korea Bizwire) – Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won’t slash staff, despite ongoing restructuring measures. Instead, about 800 workers at the branches facing closure will be relocated to either [...]
SEOUL, July 11 (Korea Bizwire) – Foreign banks in Korea are going all out to target high-net-worth individuals. With the prolonged decline in net interest margins and the prevalence of mobile banking, banks in Korea have seen former revenue streams dry up. Foreign banks are seeking a breakthrough by diversifying their services in asset management. [...]
SEOUL, May 17 (Korea Bizwire) – Two major foreign banks in South Korea suffered declines in their first-quarter profit due to a lack of growth drivers and declining net interest margins, the companies said Tuesday. In the three months ending March 31, Standard Chartered Bank Korea posted a 22.6 percent on-year drop in its first-quarter [...]
SEOUL, Jan. 30 (Korea Bizwire) — The Financial Services Commission (FSC) has ranked CitiBank and Standard Chartered low on the list of the most innovative banks in Korea. According to the FSC’s report on Korean banks’ innovative values in the second half of 2014, revealed on January 28, Shinhan Bank ranked first, followed by Woori Bank and [...]
NEW YORK, June 8, 2014 (Korea Bizwire)–On Saturday, June 7, Citi marked its ninth annual Global Community Day, as more than 70,000 Citi volunteers in 479 cities spanning 93 countries engaged in service activities to benefit their local communities. Working side-by-side, Citi colleagues, alumni, family and friends demonstrated the company’s commitment to supporting and [...]
Seoul, Korea, Mar. 13 (Korea Bizwire) – Citibank Korea (CEO Ha, Yung-ku) had a signing ceremony with the Microcredit Joyful Union (President, Jeong, Myeong-gi) for ‘2014 Citibank Korea – Joyful Union Support for Microcredit Business’ in the boardroom on the 10th fl. of Citibank Korea on Mar. 13, 2014. At the signing ceremony, Citibank Korea delivered [...]