Ownership structure and support from Citibank N.A. Good asset quality thanks to adequate risk management. Somewhat volatile operating environments. Modest capitalization and profitability. The rating on KorAm Bank reflects the expected support from Citibank N.A., which owns 94.47 % of the bank, and its satisfactory financial profile attributed to its adequate risk management. At the same time, the ratings on KorAm are constrained by the bank's modest capitalization and profitability in comparison with its international peers. KorAm is a strategically important element of Citigroup's emerging market strategy, evidenced by the parent's large investment and the planned full integration of KorAm with Citibank's Korean operations. While Citigroup's ownership does not imply a guarantee on the obligations of KorAm, given the importance
