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Citigroup flags up to $1.5 billion charge from South Korea retail banking exit -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Citibank’s logo can be seen on the New York Stock Exchange (NYSE), in Manhattan, New York City. It was last seen there, Wednesday, August 3, 2021. REUTERS/Andrew Kelly/File Photograph

(Reuters) -Citigroup Inc stated Monday that it expected to pay a cost of between $1.2 billion and $1.5 billion for the closing of its South Korean consumer bank business.

According to the bank, it had announced in April that it would end consumer businesses in 13 countries in Asia and EMEA (European Middle East and Africa) where it doesn’t have the necessary scale.

Jane Fraser, Chief Executive Officer of the Bank, has planned to wind down operations in order to improve bank profitability and streamline its operations.

According to the U.S. Securities and Exchange Commission, these charges would be incurred for the rest of 2021 and 2022.

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