The ratings on Citibank Korea Inc. (A/Stable/A-1) reflect expected support from its parent bank, Citibank N.A. New York, NY (Citibank N.A.; AA/Negative /A-1+), which owns 99.95% of the bank. The ratings also reflect Citibank Korea's strong capitalization and its adequate asset quality on a stand-alone basis. Offsetting factors include the bank's relatively weak market position, modest profitability, and its slow integration with KorAm bank. Citibank Korea is Korea's ninth-largest commercial bank in terms of assets. Citibank Overseas Investment Corporation and Citibank N.A. own 99.95% of Citibank Korea. Citibank Korea's loan portfolio breakdown as of March 2008 was: household loans (41.1%); small and midsize enterprise (SME) loans (24.4%); large corporate loans (24.1%); and credit card/other loans (10.4%). Citibank Korea is a
