HONG KONG, April 8 (Reuters) - Citigroup Inc said itwill close almost one third of its branches in Korea, becomingthe third global bank to trim its presence in the country in thelast year amid rising costs and intense competition.
Citi will shut 56 out of 190 branches as it concentrates onsix major cities and moves to boost its online presence, theU.S. bank said in a statement on Tuesday.
The bank announced last year that it would refocus itsconsumer business in Korea, reducing its physical footprint infavour of targeting customers with online products.
It follows HSBC and Standard CharteredBank which both pulled back in a market thathas seen weakening returns since the financialcrisis.
Citi's move does not mean a full scale retreat from consumerbanking in the country, the bank said. (Reporting By Lawrence White; Editing by Miral Fahmy)