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Wednesday, December 24, 2014

SMBC to purchase Citi Japan retail business in October - sources, (NYSE: SMFG)

Sumitomo Mitsui Banking Corp (SMBC) will purchase Citigroup Inc's Japanese retail banking operations in October for about 40 billion yen ($332 million), people with knowledge of the matter said on Wednesday. The Sumitomo Mitsui Financial Group Inc unit will announce the long-awaited sale on Thursday, the sources said.

Sumitomo Mitsui Financial Group, Inc. (SMFG) is principally engaged in the operation of banking business. Shares of SMFG fell by 0.14% or $-0.01/share to $7.26. In the past year, the shares have traded as low as $6.95 and as high as $10.59. On average, 2055380 shares of SMFG exchange hands on a given day and today's volume is recorded at 2753721.