Citigroup says to close one third of Korea branches as costs, competition rise

HONG KONG: Citigroup Inc said it will close almost one third of its branches in Korea, becoming the third global bank to trim its presence in the country in the last year amid rising costs and intense competition.

Citi will shut 56 out of 190 branches as it concentrates on six major cities and moves to boost its online presence, the U.S. bank said in a statement on Tuesday.