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Citi exiting Japan retail banking business – is CitiFX Pro next?
Global banking giant Citigroup Inc (NYSE:C) has been making certain changes in strategy recently, focusing internationally more on institutional rather than on retail business. The latest step taken, a rather large and drastic one, is the just-announced sale of Citi’s Japanese retail banking business to Sumitomo Mitsui Financial Grp, Inc. (ADR) (NYSE:SMFG) for for about ¥40 billion, or about USD $330 million. Citi has had a retail banking presence in Japan for more than 100 years. Its Japan retail banking business consists of 32 branches, 740,000 customers, 1,600 employees, and deposits in excess of ¥2.44 ... (full story)
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