Citibank Korea is reviewing a conversion from its current subsidiary structure to a foreign bank branch as its retreat from retail banking in South Korea nears completion and its business becomes increasingly concentrated in corporate banking. The process would require resolving the holdings of roughly 2,823 minority shareholders because Citigroup currently owns 99.98% of the bank, and the lender said branch conversion has been under review for some time but nothing has been finalized. The move comes after Citigroup's 2021 decision to exit South Korean retail banking and as Citibank Korea in principle plans to allow maturity extensions for existing household loan customers only through the end of this year. Its balance sheet already reflects that shift: total assets stood at 65.64 trillion won at end-June, won-denominated loans at 4.06 trillion won, household loans at 2.56 trillion won and the loan-to-deposit ratio at 26.54%, underscoring how far its consumer lending business has been wound down. By contrast, second-quarter revenue rose 27% from a year earlier to 368.2 billion won, helped by a 59% jump in fee income linked to corporate banking businesses such as foreign exchange, derivatives and securities. Market participants say a branch model would reduce the regulatory and social-contribution burdens tied to a domestic legal entity, including obligations such as contributions to South Korea's debt-relief programs, while allowing Citi to focus on areas where it remains competitive. The review also carries broader significance because Citibank has long been a symbol of U.S.-Korea financial cooperation, from its 1967 entry into the market to crisis-era support, and a conversion would end nearly 60 years of operating in South Korea as a domestic subsidiary structure for the first foreign bank to enter the country.