Citigroup Inc is in the final stages of talks with Sumitomo Mitsui Banking Corp (SMBC) on the sale of its Japanese retail banking operations for about 40 billion yen ($334 million), sources with knowledge of the matter said.An agreement between SMBC, a unit of Sumitomo Mitsui Financial Group Inc, and Citigroup may be reached as early as next week, said the sources, declining to be identified as they were not authorised to discuss the matter publicly.Bloomberg reported first the possible conclusion of the talks, citing people with knowledge of the matter. (bloom.bg/1yKLLBc)Citi's Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years.
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 fell by 0.92% or $-0.52/share to $55.85. In the past year, the shares have traded as low as $45.18 and as high as $56.95. On average, 17420900 shares of C exchange hands on a given day and today's volume is recorded at 26262896.
Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG traded higher by 0.27% or $0.02/share to $7.40. In the past year, the shares have traded as low as $7.28 and as high as $10.59. On average, 1814080 shares of SMFG exchange hands on a given day and today's volume is recorded at 2861896.
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