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Citibank Korea head office in downtown Seoul/Courtesy of Citibank Korea

Seoul-based lender recognized by prestigious magazine

A renowned financial magazine picked Citibank Korea as the “Best International Bank in Korea.” The Seoul-based lender won the accolade 10 times for the past 12 years.

FinanceAsia, a Hong Kong-based publication reporting Asia’s financial markets, praised Citibank Korea’s tailor-made digital solutions and business strategy.

Citibank Korea has successfully accomplished the bank’s growth with its business strategy focused on wealth management. Citi has been transforming its business and servicing model to focus on credit cards, unsecured personal loans as well as wealth management,” the monthly noted.

The bank has been switching to a client-centric model rather than facing direct competition with local banks, while offering customized digital solutions for its customers. Citi’s Korean franchise has improved most of its economic indicators for the 2018 fiscal year, with net income growing 26% year-on-year.”

FinanceAsia also said that Citibank Korea’s return on equity improved a stunning 101 percentage points over 2017, while its return on assets improved 12 percentage points.

The bank continued to maintain the strongest capital structure among international banks in Korea, with its capital adequacy ratio and common equity tier 1 ratio standing at 18.93% and 18.18%, respectively, as of the end of last year,” it said.

Citibank Korea CEO Park Jin-hei vowed to keep putting forth efforts to offer the best services to customers.

We won this award thanks to our customers’ trust, more than anything else.. We’ll continue to focus on driving a client-centric culture and digital first to deliver our objectives of being the best for our clients and sustainable growth and make utmost efforts to provide more advanced financial services,” he said.

Citibank Korea started its business in Asia’s fourth-largest economy in 1967 and acquired KorAm Bank in 2004 to gain weights.