Citibank Korea has announced its plan to adopt a Korean business model for local commercial banking (LCB) initiated as part of the Citigroup banking process worldwide earlier this year. With the help of this new model, the bank aims to intensify its SME financing and add more small business customers to its client list.
By applying the Citibanks global LCB model to Citibank Korea business, the bank aims to support the SME business customers in Korea and offer them adequate support.
Under the new model, channel for corporate financial products and services, including those towards retail and SME customers introduced in all Citibank branches early this year, will be efficiently managed. All customer services provided by the branches will now fall under the newly established Retail and Commercial Banking Group of Citibank.
The LCB segment was devised early this year by incorporating Commercial Banking and Citibusiness Division, which was the key agency responsible for the SME banking business in Korea.
Kyung Hong Kim, who was in charge of the Commercial Banking Division, will be in charge of the LCB Division under Retail and Commercial Banking Group of Citibank Korea.