FSC Vice Chairman Shin Jinchang Urges Citigroup to Sustain Investment in Korea's Financial Market

Meeting with head of Citigroup's international business
Also discussed financial consumer protection and responses to cyber threats

Financial Services Commission Vice Chairman Shin Jinchang met with Citigroup representatives to discuss continued investment in the Korean financial market, expanded corporate finance support, and ways to cooperate.

According to the Financial Services Commission on November 13, Vice Chairman Shin met that day at the Government Complex Seoul with Ernesto Torres Cantu, head of Citigroup's international business.

“Global financial groups play an important role as bridges connecting capital and businesses across countries,” Vice Chairman Shin said. “In line with the Korean government's shift toward productive finance, I urge you to actively support innovation and growth among Korean companies and help strengthen their global competitiveness.”

Citigroup described Korea as an important market with a solid foundation for growth, particularly in advanced industries such as artificial intelligence (AI) and semiconductors, and expressed its commitment to continued investment. It also said it would draw on its global network and expertise to strengthen corporate finance support for innovative and growing Korean companies.

Both sides also agreed on the importance of protecting existing financial consumers during the phased withdrawal of Citibank's retail banking business. They agreed to maintain communication to ensure the user protection plan announced in October 2021 in connection with the withdrawal is implemented without disruption.

They also agreed on the need to strengthen global information sharing and coordinated responses to address new cyber threats emerging from advances in AI technology.

This content was produced with the assistance of AI translation services.