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Citigroup sells Japan retail banking business to Sumitomo Mitsui

Dec 25, 2014    

Tokyo: Citigroup said today it was selling its century-old Japanese retail banking operations to major lender Sumitomo Mitsui as part of an effort to shrink its consumer business globally.Financial details were not released, but Japanese news reports estimated the deal to be worth about 40 billion yen ($333 million).Under the agreement, Sumitomo unit SMBC Trust Bank would acquire Citibank Japan's operations including 32 retail branches, 740,000 customers, 1,600 employees, and deposits worth 2.5 trillion yen.The transaction is expected to be completed in late 2015."The sale represents anot...

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