TOKYO (Standard&Poor's) July 1, 2004--Standard&Poor's Ratings Services said today that the ongoing labor union strike at Korea's KorAm Bank (local currency A+/Stable/A-1, foreign currency A-/Stable/A-2) will have no immediate effect on the ratings on the bank. An extended strike could erode KorAm's customer base to some extent, and thus undermine the stand-alone credit quality of the bank. However, the ratings on KorAm incorporate support from Citibank N.A. (AA/Stable/A-1+), and are not likely to be affected as long as the bank's strategic importance to Citibank's global strategy is not weakened significantly. KorAm's labor union has been striking to raise job security and monetary compensation for its members. A Korean-language version of this media release is available via
