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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 ($330 million), people with knowledge of the matter said on Wednesday.The Sumitomo Mitsui Financial Group Inc unit will announce the long-awaited purchase on Thursday, the sources said.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.Spokesmen for the two banks failed to comment on the deal.

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.