Citi to establish financial holding company in Korea

Mon. August 31, 2009; Posted: 05:01 AM

Aug 31, 2009 (Datamonitor via COMTEX) -- CBKKY | Quote | Chart | News | PowerRating -- Citibank Korea has applied to the financial supervisory authorities to establish a financial holding company, to be tentatively named Citigroup Korea.

Citibank Korea (CKI) said that Citigroup Korea will comprise four companies: three subsidiaries, including CKI, Citigroup Capital Korea (CCKI), Citi Financial Sales Korea (CFSK); and one sub-subsidiary, Citi Credit Service Company (CCS) under CKI.

Subject to the relevant regulatory approvals, Citi aims to launch the financial holding company by the end of 2009.

Under the financial holding company plan, CKI (banking services) and CCKI (consumer financing and leasing services) will provide finance services supported by front and back office operations from CFSK (asset sales services) and CCS (credit bureau).

CCS was established as a subsidiary of CKI in July 2008. CFSK, which was established recently, will focus on selling loans and credit cards of CKI and CCKI. It plans to expand its business scope to insurance and investment products in the future.

Citigroup Global Markets Securities Korea is not included in the financial holding company but it will continue its close partnership with the subsidiaries of the new financial holding company, said Citibank Korea.

YK Ha, CKI's CEO, said: "The creation of a financial holding company will increase our ability to leverage our platform to the benefit of all our clients. It also underlines Citi's continued commitment and investment in Korea."

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