SEOUL— The head of Citibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, on Tuesday vowed to do everything she could to protect customers from the planned closure of its retail services in South Korea.
In October, Citigroup said that it would discontinue its retail banking services “in phases” here in line with its global business reorganization efforts. The announcement has spawned concerns over the possibility of service disruptions for customers.
“As we wind down the consumer banking business, we should respect all related laws and procedures, and most of all, place the top priority on customer values to take the consumer protection measures without setbacks,” Yoo Myung-soon, CEO of Citibank Korea, said in her New Year greetings to employees.
“We should continue our efforts to prevent customer complaints and do the best we can to safeguard consumers’ rights and interests by promptly dealing with the complaints,” she added.
Citibank Korea has said it will work hard to minimize inconvenience for customers through close consultations with financial authorities and maintain services until remaining contracts expire.
A company official earlier said that around 2,000 out of about 2,300 employees involved in the retail business have been approved to leave the company in return for compensation under a voluntary retirement program.
Citigroup opened its first branch in South Korea in 1967 and launched Citibank Korea in 2004 after acquiring KorAm Bank.
Source: Yonhap News Agency