Hyundai Card "No Intention to Acquire Citi Card"

[Asia Economy Reporter Ki Ha-young] Hyundai Card, which was mentioned as a potential acquirer of Citi Card, announced on the 27th that it has "no intention to acquire Citi Card."

A Hyundai Card official stated, "Although we initially reviewed the acquisition of Citi Card, we ultimately declare that we have no intention to acquire it."

Earlier, Citigroup announced on the 15th of last month its plan to withdraw from the consumer finance business in Korea. In this regard, Korea Citi Bank was reportedly pursuing a full sale of its consumer finance divisions, including asset management (VM), credit cards, and loans. However, recently, there have been speculations in the investment banking (IB) industry that Hyundai Card might acquire the credit card business segment of Korea Citi Bank.

Analysis gained traction that if Hyundai Card acquires Citi Card, it could gain an advantage in the competition for second place against Samsung and KB Kookmin Card, which led Hyundai Card to emerge as a potential acquirer of Citi Card. Citi Card's domestic market share is about 1%.

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