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(Reuters) – Citigroup Inc. said on Monday it expected to take on a charge of nearly $ 1.2 billion and $ 1.5 billion in connection with the closure of the South Korean consumer banking business.
The bank said in April it would withdraw from consumer businesses in Asia and the EMEA (13 markets in Europe, the Middle East and Africa) where it lacks the scale needed to compete.
The tender is part of a plan to streamline CEO Jane Fraser’s operations and increase the bank’s profitability.
The charges will arise over time in the remaining 2021 and 2022 years, the bank said in a dossier filed with the U.S. Securities and Exchange Commission.
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