(2 March 2004 – Korea) Citigroup is set to buy South Korea’s sixth largest bank, Koram Bank, for US$2.7 billion.The move forms part of Citigroup’s quest for further growth in Asia and in particular developing markets that are currently under-served. Citigroup recently bought banks in Poland and Mexico.
Citigroup, which beat off a challenge from Standard Chartered to buy Koram, said it expected the purchase to boost its 2004 earnings. Koram earned a record $17.9 billion last year and has assets of 355 billion won.
Citigroup, Standard Chartered and HSBC are the only international banks with operations in South Korea.