Citibank Korea

Citibank Korea
Company typeSubsidiary
IndustryFinance
Founded1983; 42 years ago (1983)
HeadquartersSeoul, South Korea
Area served
South Korea
Number of employees
3,681 (2011)
ParentCitigroup[1]
Websitehttp://www.citibank.co.kr/

Citibank Korea (Korean: 한국씨티은행) is a South Korean subsidiary of Citigroup. Its core is the Korean-American Bank or KorAm Bank, founded in 1983 and acquired by Citi two decades later.

Citibank Korea was named the worst bank in terms of consumer complaints by the Financial Supervisory Service (FSS) in 2015.[2]

History

The Korean American (KorAm) Bank was founded in March 1983,[3]: 60  as a joint venture in which Bank of America held 50.1 percent with the rest of the capital being shared between 13 major Korean companies.[4] In 2003, KorAm Bank was acquired by Citibank.[5][6]

Branches

Citibank Korea currently has ATMs available in all 134 of its branches, facilitating transactions with most international cards. However, starting in 2017, Citibank Korea has set a goal to reduce its branch network from 134 to 32 in the country.[7][8][9]

Products & Services

Citibank Korea offers consumers and institutions a range of financial products and services, including consumer banking. The company also offers credit cards in Korea.

See also

References

  1. ^ "Citi | Asia Pacific | Korea". www.citigroup.com. Retrieved 2019-02-13.
  2. ^ Tae-hoon, Lee (18 March 2015). "Citibank, KEB receive most consumer complaints". The Korea Observer.
  3. ^ Byung-sun Choi (1991), "The Politics of Financial Control and Reform in Korea" (PDF), Korean Journal of Policy Studies (6): 41–73
  4. ^ "Demonstrators takeover joint U.S.-Korean bank". United Press International. 30 May 1986.
  5. ^ "Citigroup to Acquire KorAm Bank for KRW 3.18 Trillion -$2.73 Billion-*". www.businesswire.com. 2004-02-23. Retrieved 2019-02-13.
  6. ^ "Citigroup buys KorAm for $2.6 billion". msnbc.com. 2004-04-30. Retrieved 2019-02-13.
  7. ^ "Citi cuts 75% of South Korea branches as Western banks struggle in market". Nikkei Asia. Retrieved 2019-02-13.
  8. ^ "Citibank Korea to close 80% of its branches". The Korea Herald. 2017-04-13. Retrieved 2019-02-13.
  9. ^ "Citibank Korea Plans to Close 80% of Branches, Triggering Employees' Protest". 비즈니스코리아 - BusinessKorea (in Korean). 2017-04-13. Retrieved 2019-02-13.


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