Citibank Korea postpones exit plan decisions until September —report

This marks the second delay in its exit plan decision.

Citibank Korea has again postponed a decision on the exit plan for its retail banking unit amidst differences over sale terms, Yonhap reports.

The South Korean unit of Citigroup initially planned to hold a board meeting on 26 August to determine how to sell its retail banking division. But Yonhap sources said the firm pulled the plug on putting the decision on the meeting’s agenda, delaying it until September.

This marks the second time the firm delayed making a decision on its exit plan. Citibank Korea originally planned to make this decision last July.

Citigroup, in April, said it plans to exit consumer banking operations in 13 countries, including South Korea, as part of its global business restructuring.