Citigroup’s Korean unit Citibank Korea is seeking a strategic shift focusing more on corporate banking rather than retail services for individual customers.
The plan was unveiled on May 4 during a town hall meeting attended by the bank’s top brass and employees.
The strategic shift came after the bank announced last October its plan to phase out of its consumer banking units and to focus more on its corporate customers.
According to the bank, the new strategy aims to enhance corporate banking capabilities, increase synergy among its core businesses, and protect customers during the wind-down process of its retail banking divisions.
The bank stressed treasury and trade solutions, securities services, capital markets, corporate banking and commercial banking as the key five strategic areas.
The bank’s new strategy is also committed to ramping up sustainable management focused on environmental, social and governance factors. The bank’s ESG council will emerge as a key player in increasing ESG financing and solution development for corporate clients, and expanding partnerships with ESG stakeholders.
The bank has attracted new corporate clients since October, offering them a wide range of products including commodity hedging, overseas remittance, and global cash management solutions.
The bank said it will use its well established global networks to provide local companies with support in overseas sales and investments, while also helping them expand their presence in fast-growing future sectors, such as the digital and biotech industries.
“It is time for change and challenge, as well as recovery and renewal. I am firmly convinced that we can successfully navigate this transformative period for sustainable growth,” said CKI CEO Yoo Myung-soon during the town hall meeting.
By Lee Seung-ku ([email protected])
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