Strategy
Citigroup Korea Sees Strength In Wealth Management

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.