Citibank Korea says it will close its retail banking services in "phases" in line with a global business reorganization drive.
The Korean unit of U.S. banking giant Citigroup announced the decision Monday, following a board meeting last week that confirmed the move to pull out from personal banking in the country.
It said it will carry out a voluntary retirement program for its employees in consultation with the local union, while pushing to reassign those who have worked in the soon-to-be-closed service area to other fields.
The bank said it also plans to minimize any inconveniences for customers through close coordination with financial authorities and maintain services until relevant contracts with depositors expire.
The Financial Services Commission said it will take necessary measures to protect local consumers.
Citigroup opened its first branch in South Korea in 1967 and launched Citibank Korea in 2004 after acquiring KorAm Bank.
