Korea Exchange Bank's restructuring efforts have hit a snag as Citibank withdrew from talks to buy its credit card unit because of the September eleventh terrorist attacks on the United States.
A KEB spokesman said fallout from the attacks led the American bank to stop new investment.
Citybank's pullout is raising concerns that the attacks may also affect Korea's plans to sell to other overseas companies. Among them ... Hyundai Group's attempt to sell three financial institutions to a consortium led by the American International Group.
Korea has spent about one hundred-10 billion dollars to rescue and restructure its financial and corporate sectors ... resulting in the nationalization of a dozen banks, including merchant banks and insurers.