Thursday, 2 December 2021

Citi to incur extra costs from retail banking exit in South Korea

5 min read

25 October 2021 – Citigroup warned that it will incur “significant” charges in coming years as it winds down retail banking operations in South Korea. The New York-based company said earlier this year it would exit retail banking in South Korea and 12 other markets. While it signed a deal in August to sell its operations in Australia, Citigroup’s board approved the wind-down plan for Korea, the bank said in a regulatory filing. “In connection with the wind-down plan, Citi expects to incur significant wind-down and related charges through the end of 2023, consisting of cash expenditures related to voluntary termination benefits and related charges,” the company said in the filing.

 

News source: Bloomberg

 

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