Citigroup Shifts to Wealth Management in Hyper-Digital South Korea
- U.S. bank cuts Korea branches, adds wealth advising staff
- Korea’s rich population has risen since 2012: Capgemini data
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Going to the bank for day-to-day tasks is becoming passe in hyper-digitally-connected South Korea. Citigroup Inc. is responding by betting more on giving investment advice to the growing number of the wealthy.
As consumers handle most of their banking transactions online, the number of bank outlets is dropping across Korea. Citigroup’s Korea unit has reduced its physical branches to 44 from 133 in the past year. The U.S. lender is planning to double the size of its wealth management business in the country in the next few years, according to Brendan Carney, Citibank Korea Inc.’s consumer banking head.