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Citi reducing presents in Korea

 (Image source: koreajoongangdaily.joins.com)

Citigroup Inc (NYSE:C) will shutter one third of its banking branches in Korea. The global bank wants to reduce its physical present, and expand its online presents in Korea. Going forward, the bank will seek to target Korean customers through online products. Other banks are also scaling down their presents in Korea because of low returns and crowded competition.