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Citibank’s retail business closure not subject to regulator’s approval: FSC
Citibank’s retail business closure not subject to regulator’s approval: FSC
MarketsOct 27, 2021
The policymaking Financial Services Commission said Wednesday that Citibank Korea’s plans to gradually phase out its consumer banking operations are not subject to the regulator’s authorization.  “According to the current banking act, Citibank Korea‘s withdrawal of retail business in phases is not regarded as a ‘shutdown of banking business,’ which falls under the FSC‘s approval,” the authority said in a statement, which indicates the forei