Citibank Names New Chief Amid Job-cut Worries

By Choi Kyong-ae

Citibank Korea has named its longest-serving Senior Executive Vice President Park Jin-hei as its new president, replacing Ha Yung-ku.

His three-year term began Tuesday, immediately after his appointment.

The bank's president selection committee held a meeting at its headquarters in central Seoul Monday evening, recommending that Park become the next president, according to the Korean subsidiary of the US bank.

"The eight-member committee unanimously selected Park because he has made a big contribution to the bank's efforts to take root in Korea since 1984 when he joined Citibank Korea," a bank spokeswoman said.

Park, 57, served as senior executive vice president for nearly eight years, since January 2007. His main role was to strengthen corporate banking that extends loans to large and small companies.

He studied international trade at Seoul National University and has long been regarded as successor to Ha under the bank's successor training course called the "Talent Inventory Review," according to the bank.

The bank's union is not happy with his appointment, however The union said Tuesday that Park lacks expertise in the banking business, which could weaken Citibank's performance.

"Park failed to prove he was capable of expanding corporate banking to small businesses, even though he was responsible for that over the past eight years," Jo Sung-gil, a spokesman for Citibank Korea Union, said.

The union's opposition to the appointment reflects its concerns there may be additional layoffs if Citibank Korea's operations do not show a strong performance in retail and corporate banking.

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