Citigroup is planning to shut 29% of its branch network in South Korea as it scales back lending in the country.
Citibank Korea will close 56 of its 190 branches, reducing its focus to six major cities including the capital Seoul.
Go deeper with GlobalData
Slim lending margins have prompted the bank to scale back its retail operations in South Korea and shift its focus to "high quality" clients and digital channels.
Citigroup could not confirm the deadline for the closures.
The lender said the renewed focus on digital channels reflects an alteration in consumer behaviour and a long-term trend of lower profitability.
According to Citibank Korea, 90% of bank transactions in South Korea take place outside the branch.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataA spokesperson said the bank had not yet come to a decision on how to implement a potential cut in retail banking roles across the bank.
Retailed articles:
Raiffeisen Bank Aval closes all branches in Crimea
Barclays adds UAE to quit list
ADIB to purchase Barclays’ retail banking arm in UAE
