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Citibank Korea to close 80 pct of its branches

All News 16:21 April 13, 2017

SEOUL, April 13 (Yonhap) -- Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via call centers while closing about 80 percent of its physical branches in South Korea.

Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won't slash staff, despite ongoing restructuring measures.

Instead, about 800 staff at the branches facing closures will be relocated to the call centers offering financial advice and other services.

The centers will provide financial services via the Internet or telephone calls, the bank said.

In a statement earlier this week, the labor union of Citibank Korea criticized the bank for trying to relocate staff to call centers.

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