Citigroup to buy South Korea bank for $2.7bn

US-based Citigroup has agreed to buy South Korea's Koram Bank for $2.7bn (€2.15bn).

The move will put Citigroup ahead of rivals Standard Chartered and HSBC in South Korea.

The deal still requires regulatory approval, however both banks said they were confident that the deal would go through in the second quarter of this year.

Koram Bank has more than six million customers and 222 branches. Together with Citigroup, the company will form South Korea's fifth-largest bank.