M&A Deal Summary

Citi Acquires KorAm Bank

On February 22, 2004, Citi acquired financial services company KorAm Bank from The Carlyle Group and Corsair Capital for 2.7B USD

Acquisition Highlights
  • This is Citi’s 7th transaction in the Financial Services sector.
  • This is Citi’s 4th largest (disclosed) transaction.
  • This is Citi’s 1st transaction in South Korea.

M&A Deal Summary
Date 2004-02-22
Target KorAm Bank
Sector Financial Services
Buyer(s) Citi
Sellers(s) The Carlyle Group
Corsair Capital
Deal Type Add-on Acquisition
Deal Value 2.7B USD

Target

KorAm Bank

Seoul, South Korea
KorAm Bank was the seventh largest national commercial bank in Korea with approximately 226 branch locations and 4,250 full and part-time employees.

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Buyer(S) 1

Buyer

Citi

New York, New York, United States
Category Company
Founded 1812
Sector Financial Services
Employees237,000
Revenue 78.5B USD (2023)
DESCRIPTION

Citi is a global diversified financial services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi was incorporated in 1812 and is based in New York City.

DEAL STATS #
Overall 7 of 16
Sector (Financial Services) 7 of 13
Type (Add-on Acquisition) 6 of 11
Country (South Korea) 1 of 1
Year (2004) 1 of 1
Size (of disclosed) 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-22 Golden State Bancorp

Glendale, California, United States

Golden State Bancorp Inc. is a full-service, community-oriented savings bank and diversified financial services company.

Buy $16M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 The Travelers Life and Annuity

Hartford, Connecticut, United States

The Travelers Life and Annuity Co., provides various individual insurance products.

Sell $11.8B

Seller(S) 2

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 26 of 481
Sector (Financial Services) 2 of 33
Type (Add-on Acquisition) 12 of 198
Country (South Korea) 1 of 7
Year (2004) 2 of 24
Size (of disclosed) 12 of 136
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-10 Liquid Engines

Sunnyvale, California, United States

Liquid Engines, Inc. provides software and services to large, multi-jurisdictional and multi-national corporate taxpayers that analyze and optimize cash and tax effects of corporate transactions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Balfour

Dallas, Texas, United States

Balfour is a manufacturer of customized products including jewelry, class rings, championship rings, and graduation announcements for high schools and universities across the country.

Buy -
SELLER

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 9.9B USD
Size Mega
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.

DEAL STATS #
Overall 3 of 13
Sector (Financial Services) 3 of 6
Type (Add-on Acquisition) 2 of 6
Country (South Korea) 1 of 1
Year (2004) 1 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-04 Catlin Group

Hamilton, Bermuda

Catlin Group Ltd. is a specialty insurance and reinsurance provider . Areas of expertise include Marine, Professional Indemnity, Aviation, Energy, and Industrial. Catlin's property catastrophe reinsurance and marine businesses are viewed as 'Best in Class' at Lloyd's.

Buy $532M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-01 Catlin Group

Hamilton, Bermuda

Catlin Group Ltd. is a specialty insurance and reinsurance provider . Areas of expertise include Marine, Professional Indemnity, Aviation, Energy, and Industrial. Catlin's property catastrophe reinsurance and marine businesses are viewed as 'Best in Class' at Lloyd's.

Sell -
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