Citibank Korea Inc (CKI) has launched Local Commercial Banking (LCB) business in Korea. LCB, which is the integrated business of Citi’s former Corporate Commercial Bank (CCB) and CitiBusiness, aims to strengthen CKI’s coverage and support for small and medium enterprises (SME) in Korea.
Under the new model, all LCB financial products and services for SME and MME clients, as well as retail banking offerings, will be managed under Citi’s newly established retail/commercial banking group. It will be led by Hung Joo Lee, the former head of the retail banking group. Kyung Hong Kim, the former head of commercial banking division will be in charge of the LCB division.
The corporate banking group which services large local and multinational companies as well as financial institutions remains the same.
Yung-Ku Ha, CEO of CKI, said: “The new LCB model is an innovative means for us to better utilize our branch network to serve a wider range of customers. Under this new framework our SME clients will have greater access to more financial products such as FX derivatives and risk management services via our branch network. Through enhanced integration, our customers can also enjoy faster services such as loan approvals.”
