Citibank Korea pledges to stay engaged in the local market

Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system regardless of its parent company’s plan to withdraw its retail banking operations in the country. the lender said Thursday.

Last month, the American banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its global business reorganization to focus on corporate finance.

“(Citibank Korea) has had a compelling commitment to South Korea over the past 50 years. As a trusted financial partner, we intend to make further contributions to the growth and development of Korean society through long-term social and other contributions as well as investments in the Korean financial market. said a Citibank Korea official.

Citibank Korea, which entered the local financial market in 1967 by launching a corporate banking branch in Sogong-dong, Seoul, began operating retail banking in 1986, the first among overseas lenders to do so. .

The Korean subsidiary helped stabilize local financial markets in times of crisis, including the oil crisis of the 1970s and the Asian financial crisis of 1997, through various emergency response measures, ranging from business loans to maturity of the country’s external debt.

Meanwhile, the bank said it was also committed to strengthening its business outreach programs aimed at supporting low-income families. Among its main social contribution activities is “Citi Building Hope and Home”. The long-term project, launched in 1998 in partnership with the non-profit Habitat for Humanity Korea, is to build houses for the homeless.

By Choi Jae-hee (cjh@heraldcorp.com)