Citibank to Sell Korean HQ Building

Citibank Korea is selling off its 20-story headquarters building in downtown Seoul to raise cash for the severance payments of laid-off staff.

Citibank Korea president Ha Yung-ku recently met labor representatives and told them the company is "strongly considering" moving local headquarters to the International Finance Center in Yeouido in April next year and that the relocation will be complete in 2015.

The IFC has apparently offered Citibank radical incentives such as free rent for two or three years in order to attract the heavyweight client.

Citibank is looking for a price of W300-400 billion (US$1=W1,042) for the building and casting around for a buyer.

The bank plans to shut down 30 percent of its branches throughout Korea this year and lay off around 600 workers through a voluntary retirement program.

englishnews@chosun.com / Apr. 16, 2014 10:45 KST