Citigroup Inc is preparing to sell its Japanese retail banking operations, a source with direct knowledge of the matter said on Wednesday, as it waves the white flag on a venture plagued by regulatory troubles and anaemic lending.The company which pioneered 24-hour ATMs in Japan and was the only foreign bank to make a major push into its retail banking sector is throwing in the towel after failing to gain enough scale to justify its costs.Citigroup has also signalled a desire to refocus its overseas strategy on growth markets and away from saturated mature markets such as Japan, where it has been doing business for more than a century.Citi has approached Japan's top three lenders, Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group and Sumitomo Mitsui Financial Group (SMFG) about a sale, as well as regional banks, 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, 15752300 shares of C exchange hands on a given day and today's volume is recorded at 13076781.
Shares of MFG fell by 0.26% or $-0.01/share to $3.84. In the past year, the shares have traded as low as $3.78 and as high as $4.52. On average, 220266 shares of MFG exchange hands on a given day and today's volume is recorded at 148290.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU fell by 0.17% or $-0.01/share to $5.77. In the past year, the shares have traded as low as $5.19 and as high as $6.74. On average, 1325340 shares of MTU exchange hands on a given day and today's volume is recorded at 922673.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG traded higher by 0.62% or $0.05/share to $8.09. In the past year, the shares have traded as low as $7.59 and as high as $10.59. On average, 1089790 shares of SMFG exchange hands on a given day and today's volume is recorded at 543486.
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