Citibank Korea faces sanction for irregular transactions

Citibank Korea will be reprimanded for having been negligent in consumer protection.

The Financial Supervisory Service has already decided to issue a “cautionary warning” on Citibank Korea CEO Ha Yung-ku and an “institutional warning” on the commercial lender.

Consumers suffered damages due to “irregular” terms in sales of the bank’s financial products, including loans, FSS officials said.

Based on the provisional sanction from the FSS, the FSC is set to finalize details including the amount of fines on the bank by holding a panel discussion later this month.

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