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.
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Finance |
| Founded | 1983 |
| Headquarters | Seoul, South Korea |
Area served | South Korea |
Number of employees | 3,681 (2011) |
| Parent | Citigroup[1] |
| Website | http://www.citibank.co.kr/ |
Citibank Korea was named the worst bank in terms of consumer complaints by the Financial Supervisory Service (FSS) in 2015.[2]
History
editThe 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
editCitibank 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
editCitibank 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
editReferences
edit- ^ "Citi | Asia Pacific | Korea". www.citigroup.com. Retrieved 2019-02-13.
- ^ Tae-hoon, Lee (18 March 2015). "Citibank, KEB receive most consumer complaints". The Korea Observer.
- ^ Byung-sun Choi (1991), "The Politics of Financial Control and Reform in Korea" (PDF), Korean Journal of Policy Studies (6): 41–73
- ^ "Demonstrators takeover joint U.S.-Korean bank". United Press International. 30 May 1986.
- ^ "Citigroup to Acquire KorAm Bank for KRW 3.18 Trillion -$2.73 Billion-*". www.businesswire.com. 2004-02-23. Retrieved 2019-02-13.
- ^ "Citigroup buys KorAm for $2.6 billion". msnbc.com. 2004-04-30. Retrieved 2019-02-13.
- ^ "Citi cuts 75% of South Korea branches as Western banks struggle in market". Nikkei Asia. Retrieved 2019-02-13.
- ^ "Citibank Korea to close 80% of its branches". The Korea Herald. 2017-04-13. Retrieved 2019-02-13.
- ^ "Citibank Korea Plans to Close 80% of Branches, Triggering Employees' Protest". 비즈니스코리아 - BusinessKorea (in Korean). 2017-04-13. Retrieved 2019-02-13.
External links
edit
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