Citigroup Inc has agreed to sell its Japanese retail banking operations to Sumitomo Mitsui Banking Corp (SMBC), as the U.S. 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 yen ($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 statement.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 yen ($20 billion) in deposits, according to a joint statement.
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 0.22% or $0.12/share to $54.54. In the past year, the shares have traded as low as $45.18 and as high as $56.95. On average, 18007000 shares of C exchange hands on a given day and today's volume is recorded at 6238795.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG traded higher by 0.41% or $0.03/share to $7.29. In the past year, the shares have traded as low as $6.95 and as high as $10.59. On average, 2071450 shares of SMFG exchange hands on a given day and today's volume is recorded at 1735190.
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