Korea's best international bank 2020: Citi
Citi’s strength in depth means it stands apart from its global peers in Korea. Because it has a large physical presence in the country, it was forced to act quickly in the early months of 2020 when Covid-19 struck and thousands of staff had to work from home.
The pandemic was not the only headache for the bank this year. With China and the US locked in a trade dispute, Citi has had to balance the competing needs of clients from both economies while dealing with enduring trade tensions between Korea and Japan. It is to the bank’s credit that it has kept the wheels of business and finance rolling, extending liquidity to foreign and local companies, as well as serving retail customers, in the toughest year in over a decade.
Revenue in the 12 months to the end of June 2020 was W1.29 trillion ($1.16 billion), while net income was W200 billion. Both figures were flat on the previous year, but that is not a bad outcome, given the struggles all lenders faced in the first half.