SC Jeil and Citi Dividends of 230 Billion Won Sent to Overseas Headquarters

SC Jeil 160 billion KRW · Citi 73.2 billion KRW

Major foreign banks such as SC Jeil Bank and Citibank Korea have decided to send dividends totaling approximately 230 billion KRW to their overseas headquarters based on last year's performance. Despite financial authorities' recommendations to restrain excessive dividend payouts, they increased dividends compared to the previous year.

According to the financial sector on the 17th, SC Jeil Bank held a regular board meeting the day before and approved a settlement dividend of 160 billion KRW. This amount is double the 80 billion KRW dividend paid in 2021. The dividend will be finalized after the regular shareholders' meeting on the 31st of this month.

SC Jeil Bank announced that it posted a net profit of 390.1 billion KRW last year, influenced by increased interest income. This is more than three times the previous year's net profit of 127.9 billion KRW.

Citibank Korea also decided on a cash dividend of 73.2 billion KRW at its regular board meeting on the 15th of last month. The dividend will be confirmed at the shareholders' meeting scheduled for the 30th, with plans to pay the dividend in April.

Citibank Korea paid dividends of 65.2 billion KRW in 2019 and 46.5 billion KRW in 2020, but did not pay dividends in 2021 due to a net loss caused by retirement costs following the withdrawal from the consumer finance sector.

The dividends from these banks are remitted to their headquarters, effectively going overseas. SC Jeil Bank is 100% owned by Standard Chartered NEA Limited, the Standard Chartered Northeast Asia entity, and the largest shareholder of Citibank Korea is 'Citibank Overseas Investment Corporation' under the U.S.-based Citigroup.

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