Citigroup Inc. said on Monday it expects to take a cash charge of nearly $1.2 billion to $1.5 billion related to the closure of its consumer banking business in South Korea. The bank had announced its plan to exit consumer businesses in 13 markets in Asia and EMEA (Europe, Middle East, and Africa), where it does not have the scale necessary to compete, in April. The move is part of Chief Executive Jane Fraser’s plan to streamline operations and boost the bank’s profitability. The exit will help release roughly $7 billion of allocated tangible common equity over time and boost its capital, the bank had said last month. “In terms of Korea … the economics of winding down the consumer business are much more attractive than continuing to run the business,” Chief Financial Officer Mark Mason said in a statement. He said the exit from South Korea would help the …