With a new retail brokerage license, Citigroup Korea would offer more products and services to its wealth management business, Ha Young-ku, chief executive told Dow Jones Newswires in a recent interview.
Citi has been trying to strengthen its business in South Korea and also became a major consumer bank in 2004 by acquiring KorAm Bank for $2.73 billion.
According to the Newswires, Citigroup ruled out any acquisitions for its securities business, saying it is seeking organic growth. Ha said, quoted, the firm already has strong realtionships with its corporate clients thorough another unit under the financial holding company.
Ha added that Citi is also poised to boost its retail banking presence in South Korea by increasing the number of bank branches to 300 from 220 currently. Of those “should-be” increasing number, 15 branches are scheduled to open this year.
Based on the latest financial data, Citibank Korea, where Ha is in charge as chief executive, recorded a 256.2 billion won ($228.4 million) net profit January to September of 2010 on 1.15 trillion in revenue, reported the Newswires.
(아주경제 송지영 기자)
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