Citigroup to sell retail banking business in Japan to SMBC

Citibank Japan has about 740,000 retail customers and ¥2.44 trillion ($20 billion) in deposits, according to a joint statement.

Citigroup Inc has agreed to sell its Japanese retail banking operations to Sumitomo Mitsui Banking Corp (SMBC), as the US bank retreats from unprofitable businesses around the world.

The acquisition price was not disclosed. Sources with knowledge of the deal had told Reuters that SMBC, a unit of Sumitomo Mitsui Financial Group Inc, would acquire the business for about ¥40 billion ($333 million).

“This decision furthers Citi’s global strategy of focusing our resources where we feel we have a competitive advantage, which includes our Institutional Clients Group businesses in Japan,” said Citibank Japan CEO Peter Eliot in a joint statement.

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SMBC will acquire the Citibank Japan retail banking operation’s 1,600 employees and 32 branches and merge it with its private banking subsidiary SMBC Trust Bank, the companies said.

Citibank Japan has about 740,000 retail customers and ¥2.44 trillion ($20 billion) in deposits, according to a joint statement.

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