New York – Citi Chief Financial Officer Mark Mason released the following statement regarding the wind-down of the Korea Consumer Bank, which is part of Citi’s strategic plan to exit 13 consumer markets in Asia and EMEA to refocus its presence on four wealth centers: Hong Kong, Singapore, London and the UAE. Citi will continue to invest in and grow its institutional franchises in the two regions.
“We continue to have good conversations with potential buyers of our consumer businesses across the two regions. In terms of Korea, however, the economics of winding down the consumer business are much more attractive than continuing to run the business—even including the cost of the voluntary retirement program—given the reduced future operating costs and the release of roughly $2 billion of allocated tangible common equity over time.”
Certain statements in this release are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others, the successful wind down and closure of the Korea consumer banking business, including within the expected timeframe, macroeconomic and local market conditions, consumer preferences, and the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the SEC, including without limitation the “Risk Factors” section of Citi’s 2020 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Investor Contact: Jennifer Landis, 212 793 2014
Media Contact: Danielle Romero Apsilos , 212 816 2264