Citigroup Inc. said it expects to incur significant charges through the end of 2023 from the closing of its South Korea consumer banking business.

The action is part of Citigroup's previously unveiled plans to exit its consumer franchises in 13 markets across Asia and Europe, the Middle East and Africa. The company in April said it would focus its global consumer bank presence in Asia and EMEA on four wealth centres: Singapore, Hong Kong, the UAE and London.