World Economy

Citigroup to Sell Japan Business

Citigroup to Sell Japan BusinessCitigroup to Sell Japan Business

Citigroup has agreed to sell its Japanese retail banking operations to Sumitomo Mitsui Banking Corp (SMBC), one of Japan’s three mega-banks, as the US bank retreats from unprofitable businesses around the world, AsiaFirst reported. The deal, whose acquisition price was not disclosed, includes 740,000 customer accounts and about $21b worth of domestic- and foreign-currency accounts. Citigroup also said its entire retail banking operations in Japan will be transferred to a subsidiary of SMBC. The deal includes Citi’s retail branches and ATMs. Citi also said that even after the sale, Citibank customers will still be able to use Citi’s global banking.