[Alpha Biz= Reporter Kim Sangjin] On the 26th, NICE Credit Rating Agency downgraded Korea CITI Bank's long-term credit rating from 'AAA (Negative)' to 'AA+ (Stable)'.
According to NICE Credit Rating Agency, this downgrade reflects the market position deterioration following the gradual discontinuation of the consumer finance business division.
Korea CITI Bank decided to gradually discontinue its consumer finance division in October 2021 and has since been restructuring towards a profit model focused on corporate finance.
As of the end of March, the bank's total loans and deposits amounted to 11.5 trillion KRW and 18.2 trillion KRW, respectively, marking a 51% and 35% decrease compared to the end of 2021.
During this period, the bank's market share based on total assets has declined from 1.4% to 1.1%, indicating continued weakening of its market position.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
