Bulletin: Citibank Korea's Consumer Business Wind Down Won't Derail Its Importance To The Group

HONG KONG (S&P Global Ratings) Oct. 26, 2021--S&P Global Ratings today reiterated that Citibank Korea Inc. (A/Stable/A-1) will remain highly important to Citigroup Inc.'s global strategy, despite the wind down of the subsidiary's consumer banking business. We believe Citibank Korea's institutional banking business is aligned with the group and as such, the bank will remain a highly strategic subsidiary of the group. We indicated this in April this year when Citigroup announced plans to exit consumer banking in 13 markets including Korea, and our view still holds. On Oct. 25, 2021, Citibank Korea further announced that it will close consumer banking business in phases rather than through a sale. This is currently under regulatory review. In our view, Citibank Korea

...October 26, 2021 HONG KONG (S&P Global Ratings) Oct. 26, 2021--S&P Global Ratings today reiterated that Citibank Korea Inc. (A/Stable/A-1) will remain highly important to Citigroup Inc.'s global strategy, despite the wind down of the subsidiary's consumer banking business. We believe Citibank Korea's institutional banking business is aligned with the group and as such, the bank will remain a highly strategic subsidiary of the group. We indicated this in April this year when Citigroup announced plans to exit consumer banking in 13 markets including Korea, and our view still holds. On Oct. 25, 2021, Citibank Korea further announced that it will close consumer banking business in phases rather than through a sale. This is currently under regulatory review. In our view, Citibank Korea will continue leveraging on the group's global franchise and networks in providing various institutional banking services such as cash management, trade finance, and corporate lending. The bank also serves many...

Bulletin