Sep. 12, 2014, 6:43 AM
- As banks weigh in their bids for Citigroup's (NYSE:C) Japanese retail banking operations, the U.S. bank announced that it was looking to sell its Japanese Diners Club card business along with the unit.
- Citigroup's Japanese retail business has some 3.6T yen ($33.6B) in deposits, of which almost 2T yen is dollar-denominated, attracting Japanese banks seeking foreign currencies.
- Ten banks, including Mitsubishi UFJ Financial (NYSE:MTU), Mizuho Financial (NYSE:MFG), Sumitomo Mitsui Financial (NYSE:SMFG), Resona (OTCPK:RSNHF), Sumitomo Mitsui Trust (OTCPK:SUTNY) and Shinsei Bank (OTCPK:SKLKY) have all submitted preliminary bids.
The Resona Group is a financial group comprising three banks (Resona Bank, Ltd., Saitama Resona Bank, Ltd., and The Kinki Osaka Bank, Ltd.) controlled by Resona Holdings, Inc., a financial holding company. The Group's banks provide all customers with conveniently accessible, high-quality... More
Industry: Diversified Investments
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