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Companies & Markets

SMBC to buy Citi Japan retail business in October: sources

Published Wed, Dec 24, 2014 · 05:42 AM
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[TOKYO] Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc's Japanese retail banking operations in October for about 40 billion yen (US$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.

Citi's Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the US-based lender has operated for over 100 years.

REUTERS

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