Banknotes’ entry into Southeast Asia is shrinking for the time being

Citibank Korea has decided to withdraw its retail banking business from Korea, 17 years after Citigroup acquired the former Hanmi Bank and officially launched it as Citibank Korea in 2004.

According to Citibank Korea on the 15th, Citigroup’s US headquarters announced its future strategic direction for the consumer finance business, which includes such information in the first quarter of this year. Citigroup said it will reorganize its consumer financial business in Asia, Europe and the Middle East Africa into four global asset management centers and pursue an exit strategy in consumer financial business in 13 countries in the region, including Korea. Citigroup 폰테크 said it is not a decision due to the performance or capacity problems of certain countries including Korea, but rather a need to strengthen global competitiveness and simplify business by concentrating investment and resources on business sectors that will improve profits in the long term at Citigroup level.

Citigroup’s reorganization of its business strategy is expected to strengthen its competitiveness and scale business in Korea, which is in line with the interests of all stakeholders including customers, employees and shareholders. In particular, it is understood that it intends to contribute to the development of the Korean financial market through more intensive and continuous investment in corporate finance.

“Citigroup has been focusing on the Korean market since its launch in 2004,” said Yoo Myung-soon, president of Citibank Korea. “Through this opportunity, we will focus on reorganizing and strengthening our business in Korea, focusing on corporate finance, and prioritizing supporting customers in this process,” he said. “We also want to contribute to the growth and development of Korean society as a corporate citizen through long-term social contribution activities as well as investment in the Korean financial market,” he added.

Citibank Korea said it will not set a specific schedule for business restructuring, but will take enough time with the board of directors to review and establish the best plans for both customers and employees. In addition, as soon as the follow-up plan is prepared, it will be disclosed through necessary consultation with the financial authorities, and the necessary procedures will be proceeded by fully consulting with the related parties.

“The financial services for customers will be provided as they are before the plan is finalized, and we will do our best to minimize the inconvenience of customers,” Citibank Korea said.

The bank has filed a lawsuit worth 1.6 trillion won in Indonesia. Boso and Group, the former major shareholders of Bukopin Bank, claimed to have violated local laws and regulations in Indonesia and demanded damages from the Indonesian Financial Supervisory Service (OJK) and Kookmin Bank as joint defendants. Kookmin Bank tried to enhance its competitiveness by combining risk management know-how and digital capabilities after the acquisition of Bukofin Bank, but it was caught up in an unexpected lawsuit.

Myanmar is considered as a post-Vietnam because it is likely to grow as a strategic hub in the southern region of the country. In Myanmar, there are 28 domestic financial institutions, including 9 banks, 2 insurance companies, and 17 credit finance companies.

Domestic financial institutions have begun to build up their sales base in earnest to make Myanmar a base, but it is impossible to operate normally as the coup has virtually paralyzed all over Myanmar.

In particular, Shinhan Bank and Shinhan Bank have temporarily returned to their homeland after a local employee of Myanmar was shot dead and killed. Western developed countries, including the United States and Britain, have launched sorry military sanctions.

If Myanmar’s turmoil continues, it will inevitably turn to other regions, and the efforts of domestic financial companies can be a waste.

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