Citibank Launches NYSE-Listed ADR Program for Woori Finance Holdings Co., Ltd.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 29, 2003

Citibank Depositary Receipt Services announced today that it has established an American Depositary Receipt (ADR) Program for Woori Finance Holdings Co., Ltd., one of Korea's premier integrated financial services companies. The American Depositary Shares (ADSs) are now listed on the New York Stock Exchange (NYSE) under the symbol WF (CUSIP # 981063 10 0). Each ADS represents three shares of common stock, which trade on the Korea Stock Exchange.

"We look forward to fully supporting Woori Finance Holdings as it gains increased visibility and builds investor interest in the United States," said Sanjeev Nanavati, Managing Director of Citibank Depositary Receipt Services.

"Since Woori Finance Holdings was founded, one of our top priorities has been to set the stage for the listing of our company in overseas markets," said Byung-Chul Yoon, Chairman and Chief Executive Officer. "Citibank's support has been exemplary as we expand our company's presence in the U.S. investment community through this NYSE listing."

Woori Finance Holdings Co., Ltd., offers a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The company was set up by the Korean government in April 2001 through the Korea Development Insurance Corporation (KDIC) with the mission of creating a new management model based on market principles that would make its financial entities healthy and profitable. Woori Finance Group has been highly successful in its mission and this has led to the successful listing on the NYSE. As one of Korea's premier integrated financial services companies, Woori Finance Holdings Co., Ltd., offers its 17 million customers one of the most comprehensive range of financial services available. The initial stages of privatization of the company occurred in 2002, and it is expected to be fully privatized in the near future. For further information visit www.woorifg.com.

About Citigroup

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

About Citibank Depositary Receipt Services

Citibank Depositary Receipt Services leads the market in bringing quality issuers to the U.S. market and promoting American Depositary Receipts as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the world of resources Citigroup has to offer. In addition, our financial strength and global presence provides clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets. For further information about ADRs, visit www.citigroup.com/adr.

Depositary Receipt Services is a product area within Citigroup(R) Global Transaction Services is a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 85 billion in average liability balances, more than $5.5 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.

Citigroup Global Transaction Services is part of Citigroup's global corporate and investment bank, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupssb.com