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July 14, 2017

Citi to trim branch network in South Korea

Citibank Korea, the South Korean subsidiary of US bank Citigroup, is set to shutter 90 branches.

The unit originally planned to close 101 retail banking branches out of a total of 126 branches that operated in the country.

The latest plan would retain the bank’s branches in the North Chungcheong, South Gyeongsang and Jeju provinces.

At the same time, the unit has also struck an agreement with the labour union for not carrying out layoffs without justifiable cause.

As part of the agreement, the bank also agreed to increase wages by 2.7% and regularise 347 contract workers.

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