25 October 2021 – Citigroup warned that it will incur “significant” charges in coming years as it winds down retail banking operations in South Korea. The New York-based company said earlier this year it would exit retail banking in South Korea and 12 other markets. While it signed a deal in August to sell its operations in Australia, Citigroup’s board approved the wind-down plan for Korea, the bank said in a regulatory filing. “In connection with the wind-down plan, Citi expects to incur significant wind-down and related charges through the end of 2023, consisting of cash expenditures related to voluntary termination benefits and related charges,” the company said in the filing.

News source: Bloomberg