Citi Korea Inc will work closely with regulators during the process to ensure minimal inconvenience for clients. The decision to wind down consumer operations in Korea received all necessary Board approvals. “In Asia and EMEA, we will focus our resources on higher-returning institutional businesses and double down in wealth, where we have distinct competitive advantages and meaningful potential for growth.”Īn amendment to the recently filed Form 8-K Current Report will be filed in connection with the wind-down plan as soon as Citi is able to reasonably estimate the wind-down and related charges consisting of voluntary termination benefits and related costs. “We continue to make progress on our strategy refresh, allowing us to increase the capital we return to our shareholders over time,” said Mark Mason, Citi’s Chief Financial Officer. Conversations with potential buyers continue with strong interest from a broad range of bidders.
Even with the wind-down, the exits from these consumer franchises are accretive to capital and are still expected to release approximately $7 billion of allocated tangible common equity over time, $2 billion of which is related to the Korea wind-down.Īcross its remaining consumer markets in the regions, Citi is pursuing options including consumer franchise sales, with a focus on optimal results for its people, clients and shareholders. New York Citi today announced that it will wind down its consumer banking business in Korea as part of the strategic actions the bank is taking to refocus its Global Consumer Bank presence in Asia and EMEA on four wealth centers-Singapore, Hong Kong, the UAE and London-and pursue exits from its consumer franchises in 13 markets across the two regions.
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