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Timeline disclosed for SMBC, Citi deal

  • Sumitomo Mitsui (NYSE:SMFG) will buy Citigroup's (NYSE:C) Japanese retail banking operations in October for about ¥40B ($332M), Reuters reports, outlining a date for the long-awaited sale. Sumitomo Mitsui will announce the deal tomorrow.
  • Citi is looking to exit 11 consumer-banking markets with poor returns, including Japan, as it looks to focus on corporate and investment banking, markets and transaction services.

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Sumitomo Mitsui Financial Group, Inc.