Citigroup Inc on Friday told bidders for its Japanese retail banking operations that it was looking to sell its profitable Diners Club card business in Japan with the retail unit, sources with knowledge of the matter said. The U.S. bank has been preparing to sell its Japanese retail unit after having struggled to turn around the business amid weak loan demand and falling interest margins in Japan's banking industry.On Friday, about 10 banks including Japan's top three lenders Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group participated in the first round of bidding for the retail business, the sources said.Resona Holdings Inc, Sumitomo Mitsui Trust Holdings Inc and Shinsei Bank Ltd as well as some regional banks also submitted preliminary bids, said the sources, declining to be identified as the bidding was not public.Citibank and the six Japanese lenders declined to comment.
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 0.77% or $0.4/share to $52.23. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 15876700 shares of C exchange hands on a given day and today's volume is recorded at 14084267.
Shares of MFG fell by 0.26% or $-0.01/share to $3.81. In the past year, the shares have traded as low as $3.78 and as high as $4.52. On average, 186748 shares of MFG exchange hands on a given day and today's volume is recorded at 214411.
Mitsubishi UFJ Financial Group, Inc. is a Japan-based company mainly engaged in the banking business. Shares of MTU traded higher by 1.05% or $0.06/share to $5.79. In the past year, the shares have traded as low as $5.19 and as high as $6.74. On average, 1209120 shares of MTU exchange hands on a given day and today's volume is recorded at 1092764.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG traded higher by 0.85% or $0.07/share to $8.30. In the past year, the shares have traded as low as $7.59 and as high as $10.59. On average, 1135260 shares of SMFG exchange hands on a given day and today's volume is recorded at 2060718.
Source
