Citigroup to close nearly a third of branches in Korea

Citibank Korea Inc., the South Korean unit of Citigroup Inc., said on Tuesday it will close nearly a third of its branches, reflecting falling profits in the country and a shift to online banking.

The bank plans to cut its branch count in the country to 134 from its current 190. Layoff numbers haven't yet been released, according to the Wall Street Journal.

Citibank Korea posted a net profit of 219 billion won ($208 million) last year, down 8.1 percent from a year earlier, mainly due to an interest-income decline and increased loan-loss reserves, the journal reports.

Read more from the Wall Street Journal.