Hyundai Card has decided it would not acquire the credit card business unit of Citibank Korea, which has been up for sale following its parent company’s reorganization plans in Asia, the company said May 27.
”We have initially reviewed the case but concluded not to proceed acquisition (of Citi Card),” a Hyundai Card official said.
Rumors have been circulating that Hyundai Card might consider taking over Citi Card’s operation since Citigroup’s announcement that the US banking giant would withdraw its retail business from South Korea last month.
Citi Card holds a mere 1 percent of the market share here.
By The Investor (firstname.lastname@example.org)