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Citibank Korea to reduce branch offices in South Korea

Citibank Korea Inc. plans to reduce its number of small-sized branch offices in South Korea to between 30 and 40 from 133 by the end of 2017, The Korea Economic Daily reported March 28, citing the lender.

As part of the bank's consumer finance strategy, the lender plans to transform the branch offices into small and medium-sized enterprise specialized centers or centers with a focus on loan sales activities.

In addition, the bank plans to open wealth management centers at Gwanghwamun and Dogok-dong in Seoul, as well as at Bundang in Seongnam City, starting from June.

Citibank Korea is a unit of Citigroup Inc.