Citigroup Sees Significant Charges from Wind Down of South Korean Consumer Banking Business
October 25 2021 - 8:02AM
Dow Jones News
By Michael Dabaie
Citigroup Inc. said it expects to incur significant charges
through the end of 2023 from the closing of its South Korea
consumer banking business.
The action is part of Citigroup's previously unveiled plans to
exit its consumer franchises in 13 markets across Asia and Europe,
the Middle East and Africa. The company in April said it would
focus its global consumer bank presence in Asia and EMEA on four
wealth centers: Singapore, Hong Kong, the UAE and London.
Citigroup said in a Securities and Exchange Commission filing
Monday that it had all necessary board approvals for this action by
Friday.
"In connection with the wind down plan, Citi expects to incur
significant wind down and related charges through the end of 2023,
consisting of cash expenditures related to voluntary termination
benefits and related charges," the company said in the filing.
Citibank Korea Inc. has begun negotiating voluntary termination
benefits and related charges with employee unions, and the company
said it can't currently provide an estimate of how much it expects
to incur from the wind-down plan.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 25, 2021 07:47 ET (11:47 GMT)
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