WSJ: Citi considering sale of retail ops in Japan

Amid a continuing push to pare back its sprawling operations, Citigroup (C +0.8%) is mulling a sale of its retail-banking business in Japan, reports the WSJ. The move would still leave the bank with its corporate and investment banking divisions there.

Since Michael Corbat became CEO in late 2012, Citi has exited retail operations in a number of countries, most recently agreeing to sell units in Greece and Spain.

Citibank Japan currently has 33 branches with deposits of $39B.

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Comments (2)
  • mphill47
    , contributor
    Comments (605) | Send Message
    This is great news. Going from "too big to manage" to a slimmed down ver is going to be a winning strategy for C.
    19 Aug 2014, 12:50 PM Reply Like
  • june1234
    , contributor
    Comments (4504) | Send Message
    Might as well. In 04 citing money laundering violations Japan ordered CITI to shut down its private banking operations in that country, CITI was also fined in 2010 and 2011 for doing the same thing there.
    20 Aug 2014, 02:56 AM Reply Like
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