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Citibank Korea CEO dispels market speculation on possible exit

Citibank Korea Inc. CEO Park Jin-hei said the bank has no plans of withdrawing its operations from South Korea, downplaying market speculation of a potential exit from the country, Yonhap News Agency reported June 5.

In a message addressed to employees, Park said the lender will stay and will continue investments as necessary to achieve sustainable growth in the country. He added that he relayed to Citigroup Inc.'s executives in May the potential of business in South Korea despite geopolitical tensions with North Korea.

Further, Park said the bank will retain dividends for 2017 to build a digital platform to enhance services and offer new consumer banking strategies.

Market speculation about the bank's possible exit came after it downsized its workforce and reduced the number of bank branches in South Korea.