SMBC to buy Citigroup’s Japan retail business in October: sources

Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc’s (>> Citigroup Inc) 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 (>> 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 declined to comment on the deal.

Read on.

One response to “SMBC to buy Citigroup’s Japan retail business in October: sources

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