Citibank Korea launches automated cross-border sweeping services

Becomes first bank to offer this liquidity management solution.

Citibank Korea Inc. said the service will facilitate foreign currency cross-border trade flows into Korea.

Myung Soon Yoo, Country Head of Citi's Treasury and Trade Solutions for Korea, said the services is a natural complement in their liquidity management solution suite to help clients manage intercompany flows by simplifying and reducing risks around the movement of funds within their organization.

Citi is the first foreign bank to establish a presence in Korea in 1967 and formed Citibank Korea in 2004.