The move comes four years after South Korean financial regulators rejected Citibank Korea’s application for a brokerage business for individual customers in 2008.
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The bank has been operating a wholesale-based brokerage unit, Citigroup Global Markets Korea Securities, which is focused on advisory services for institutional investors.
The new project will be based upon "green field investment," under which the group will create the unit, rather than "brown field investment" to acquire a securities firm, the publication quoted Ha Yung-ku, CEO of Citigroup Korea and Citibank Korea, as saying.
Concerning policies to strengthen the profitability of Citibank Korea, Ha hinted at the possibility that the commercial bank may choose to undergo manpower restructuring this year.
However, Ha added that the bank has yet to draw up a concrete plan for the restructuring.
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