Citibank Korea’s new chief to seek slimmer bank

Citibank Korea’s newly named president Park Jin-hei on Friday said the bank would become more efficient and security conscious in order to achieve future growth.

The 57-year-old banker stressed that the company needed to focus on its core businesses -- corporate banking for local companies in pursuit of overseas expansion, wealth management and credit card business.

“I understand that ‘downsizing’ (an organization) has a negative connotation. That’s partly because Korea has long been a growth-centric market where going big is always considered to be good,” Park said during a press conference held in Seoul.

“The company will avoid pursuing such a growth-driven strategy without a purpose.”

The bank officials said Citibank would seek further cost reductions through real estate. The company has been pushing plans to sell its main office building in Seoul and relocate to the International Finance Center in Yeouido.

But officials made it clear that there were no plans for further staff cuts or branch integrations.

Earlier this year, Citibank Korea shed 650 of its 4,200 workers here, running early retirement programs. It also reduced its number of branches from 190 to 134.

As a corporate banking specialist, Park served as senior executive vice president at Citibank Korea before the appointment.

He studied international trade at Seoul National University and had been regarded as a promising candidate to succeed Ha Yung-ku, who stepped down to bid to become chairman of KB Financial Group.

By Suk Gee-hyun (monicasuk@heraldcorp.com)