RTTNews | Oct 25, 2021 08:35AM EDT

08:34 Monday, October 25, 2021 (RTTNews.com) - Citi will wind down its consumer banking business in Korea as part of its strategic actions. The decision to wind down consumer operations in Korea received all necessary Board approvals, Citi said in statement on Monday.

The move comes six months after Citigroup said that it would exit its consumer-banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S.

The bank then stated that it would exit consumer operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Meanwhile, the bank said it would focus its Global Consumer Bank presence in Singapore, Hong Kong, the UAE and London.

Citi said Monday that it is pursuing options including consumer franchise sales, with a focus on optimal results for its people, clients and shareholders. Conversations with potential buyers continue with strong interest from a broad range of bidders.

Read the original article on RTTNews ( https://www.rttnews.com/3235135/citi-to-wind-down-korean-consumer-banking-operations-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved