Citi Warns of Charges With South Korean Retail-Banking Exit
- Bank expects exits from 13 markets to be accretive to capital
- ‘We continue to make progress on our strategy refresh’: CFO
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Citigroup Inc. warned 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 on Friday approved the wind-down plan for Korea, the bank said in a regulatory filing Monday.