Famous Soon, Citibank President, "Outline of Consumer Finance Withdrawal Plan by August"

[Asia Economy Reporter Song Seung-seop] Korea Citibank, which is withdrawing from the consumer finance business, plans to reveal a more concrete direction for the sale next month, later than originally expected.

On the 15th, Yoo Myung-soon, CEO of Korea Citibank, announced this in a message sent to employees. Financial companies that have expressed interest in acquiring the consumer finance division of Korea Citibank, which is pursuing withdrawal from consumer finance, are currently conducting due diligence.

CEO Yoo explained, “Depending on the schedule of the ongoing due diligence, board meetings, and consultations with financial authorities, we expect to share the specific execution plan for the exit strategy with you in August.” Previously, they had planned to present the outline of the exit strategy execution in July, but it has been postponed.

Regarding the ongoing due diligence, he said, “Multiple financial companies have submitted letters of intent to acquire, and due diligence is currently underway with those companies that have shown acquisition interest. We are taking sufficient time to support the due diligence of potential buyers and are striving to achieve positive results.”

He added, “I thank all employees who are fulfilling their responsibilities and performing their duties despite the uncertain situation surrounding the consumer finance exit strategy. The management team and I will prioritize employee and customer protection and do our best to prevent the uncertainty from prolonging.”

He also stated, “We will consult with the labor union during the series of exit strategy processes and share progress with you. We fully understand your concerns and difficulties, but we ask for a little more patience and understanding.”

He shared the first half performance with employees as well. CEO Yoo forecasted, “Despite the ongoing COVID-19 situation and the challenging business environment due to the consumer finance exit strategy, both consumer finance and corporate finance are expected to show favorable results in terms of revenue and costs.” In particular, he analyzed that the consumer finance sector “is maintaining a stable number of customers despite the difficult conditions caused by the ongoing exit strategy.”

This content was produced with the assistance of AI translation services.