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Tuesday, August 19, 2014

Citigroup considers sale of Japan retail unit -source, (NYSE: C)

Citigroup Inc is considering the sale of its Japanese retail unit and has already approached about 10 banks, a source with direct knowledge of the matter said on Wednesday, as the huge U.S. banking company faces poor prospects of turning around the retail operations here. Citigroup is preparing the sale of retail operations of Citibank Japan, which has 33 branches and about 3.6 trillion yen ($US35 billion) in deposits, said the source, who was not authorised to discuss the matter publicly.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.38% or $0.19/share to $49.70. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 15794200 shares of C exchange hands on a given day and today's volume is recorded at 13073981.