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Citibank Korea is closing its retail business, and it was reported that numerous financial groups have expressed interest in acquiring its consumer banking unit. At this time, it was said that at least four companies have already submitted their proposals.
Bid proposals coming in for Korea’s unit of Citibank
As per The Korea Times, industry insiders have revealed this information on Tuesday, June 8.
Citibank Korea is selling its retail business, and it was said that this move is part of the company’s trade realignment plans.
It was also mentioned that among the four bidders, there are parties that expressed interest in buying the entire banking operation of Citibank Korea instead of just portions of the business. The others are only looking into partial acquisition.
The bank has yet to reveal if it will be selling the entire Citibank Korea’s retail business or shut it down completely. The final decision is expected to be announced next month.
"Citibank still prefers to exit its retail banking business quite quickly,” a source said. “Therefore, they are hoping local banks will acquire it."
The downside of the bank’s sale of its retail business
While the sale may be part of the bank’s plans, it was said that there is a downside that will affect the employees. This is because if the business is sold, there is a big possibility for layoffs. It was estimated that thousands may lose their jobs out of the 3,500 existing bank workers.
Moreover, Pulse News reported that while there are many institutions that have expressed their intent to buy Citibank’s retail division, none of them promised job security for the employees.
The four bidders did not mention about the jobs of the current staff, so the workers are worried about losing their source of income.
But then again, Citibank vowed to make their employees a top priority amid the talks of the company’s retail unit’s sale. This was also discussed during the board meeting that took place last week. Meanwhile, the bank is aiming to finalize its exit plan and looking to achieve this by the end of July.
