SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
KB Kookmin Bank will start managing the accounts of Citibank Korea’s retail customers. This comes as the local unit of the New York-based financial service company made the decision to shut down its retail business in South Korea.
As Citibank Korea slowly closes its retail service, it was announced this week that KB Kookmin Bank would assume the management of the clients’ accounts. The Seoul-headquartered bank confirmed it would provide financial services to customers of Citibank Korea starting on July 3.
As per the Korea Joongang Daily, KB Kookmin Bank shared that some of the services that it will offer to them include foreign exchange and safety deposit boxes. For this setup, the company recently signed a strategic partnership with Citibank Korea on Tuesday this week.
The signing ceremony was held at the headquarters of KB Kookmin Bank, located in the Western part of Seoul. The Korea Times reported that several company officials were present at the event led by Citibank Korea’s chief executive officer, Yoo Myung Soon and KB Financial Group’s banking arm’s chief, Lee Jae Keun.
The memorandum of understanding (MOU) is expected to boost the customer convenience of Citibank’s retail banking. In any case, Citibank Korea first announced its plans to shut down its retail unit in 2021. The company said this will be done in phases in line with its push to reorganize its global operations. Its board agreed to end the consumer banking service in the country in the same year.
“The latest partnership is meaningful in that companies in the same industry cooperated with a goal to protect financial customers,” KB Kookmin Bank’s spokesman said in a statement regarding the cooperation with Citibank Korea. “We will provide customers with innovative financial services while minimizing the challenges of having to shift to KB Kookmin.”
Photo by: Miquel Parera/Unsplash
