Citi to establish financial holding company in Korea

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2009-08-28 09:14

Seoul--(뉴스와이어)--Citibank Korea Inc. has applied to the financial supervisory authorities to establish a financial holding company, to be tentatively named ‘Citigroup Korea Inc.’

Citigroup Korea Inc. will comprise of the following four companies: three subsidiaries including Citibank Korea Inc. (CKI), Citigroup Capital Korea Inc. (CCKI), Citi Financial Sales Korea Inc. (CFSK); and one sub-subsidiary, Citi Credit Service Co., Ltd. (CCS) under CKI.

Subject to the relevant regulatory approvals, Citi aims to launch the Financial Holding Company by the end of 2009. Citibank Korea CEO Y. K. Ha said, “The creation of a financial holding company will increase our ability to leverage our platform to the benefit of all our clients. It also underlines Citi’s continued commitment and investment in Korea.”

Under the financial holding company plan, CKI (banking services) and CCKI (consumer financing & leasing services) will provide finance services supported by front and back office operations from CFSK (asset sales services) and CCS (credit bureau).

CCS was established as a subsidiary of Citibank Korea Inc. in July last year. CFSK, which was established recently, will focus on selling loans and credit cards of CKI and CCKI. It plans to expand its business scope to insurance and investment products in the future.

Citigroup Global Markets Securities Korea Limited (CGMK) is not included in the financial holding company but it will continue its close partnership with the subsidiaries of the new financial holding company.

About Citibank Korea Inc.

Citibank had opened its first branch in Korea in 1967, and was born newly as Citibank Korea Inc. (CKI) through integration with KorAm Bank in 2004. CKI serves customers at 231 branches (as of end of June in 2009) in Korea by providing the first class financial products and services based on the various products and now-how of Citi with global network including more than 100 years of history and 200 million customers in more than 100 countries. CKI delivers new financial world to the customers through development of innovative financial products and services, encompassing from corporate and investment banking to consumer banking, private banking, and wealth management. Furthermore, Citibank Korea Inc., as a responsible corporate citizen, conducts diverse community activities in the areas of financial education, next generation education, woman, diversity, community, and environment consistently in corporation with sound non-profit organizations.

웹사이트: http://www.citibank.co.kr