Wealth management is a major growth area for Citigroup Korea and the bank is keen on expanding its operations in the market, the Korea JoongAng Daily reports.
"In 2009, the Korea operations accounted for around 2.3 per cent of global Citicorp revenues and in Asia around 11 per cent of revenues," Ha Yung-ju, chairman and chief executive of Citigroup Korea, told the news service in an interview.
Following the 2008 financial crisis, the Korean government had been more open to welcoming foreign banks and giving them full control in the territory. The bank presently has 224 branches and 65 consumer finance outlets in the country, making it the third-largest branch network for Citi worldwide, after the US and Mexico. One of Citigroup Korea's strongest areas is wealth management.
"We are seeing growth of an emerging affluent population in Korea due to the strong economic growth," Ha reportedly said. "Per capita GDP is going to grow, while the population is ageing, which plays to our strengths in the wealth management sector."
Citigroup Korea is the umbrella for several sub-businesses, included Citi Global Markets Korea, the investment and wholesale banking arm, Citibank Korea, the commercial banking unit, Citigroup Capital Korea, for consumer financing and leasing, Citi Credit Service, for collection, and Citi Financial Sales. The company restructured itself into a holding company in June 2010.