Citibank Korea and The Korea Teachers Pension signed MOU for overseas pension payment

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Feb. 06, 2013 11:00

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SEOUL--(Korea Newswire)--Citibank Korea (CEO Ha Yung-ku, www.citibank.co.kr) and The Korea Teachers Pension (CEO Byun Chang-ryul, www.ktpf.or.kr) announced that they signed an MOU on overseas pension payment service at the headquarters of the KTP on February 6th (Wed).

By utilizing Citibank’s global network, the service directly pays pension benefits into the accounts of KTP beneficiaries who reside abroad at their local bank in the currency of their residing country. With this service, overseas pension beneficiaries of the KTP can receive their pension payments safely and swiftly in the local currency with a favorable FX rate.

Vice President Yoo Myung-soon of Citibank Korea, who attended the MOU ceremony as head of Citi Transaction Services Division, said, “We are pleased to provide optimal solutions for the KTP to process overseas pension payments by utilizing our global network.”

Under this MOU, Citibank Korea became one of the banks mandated for pension operations for the KTP. The MOU was part of the KTP’s project to facilitate its overseas pension payment service. Citibank Korea plans to expand this service to other pension funds as well.

Website: http://www.citibank.co.kr