Citigroup considers sale of Japan retail unit
Citigroup Inc is considering the sale of its Japanese retail unit and has approached about 10 banks, according to a source, as the U.S. banking company struggles to turn around its Japanese operations.
Citigroup’s move came as Japan’s banking industry suffers from weak loan demand and falling interest margins.
The U.S. bank will keep corporate and investment banking and trading businesses in Japan, the source said.
Citigroup has been under pressure to overhaul its Japanese operations after repeatedly running foul of regulators since 2004, when it was forced to close its private banking business in the country due to poor money laundering controls.
Source: Reuters
Related Posts
Citi pulls out of consumer banking in 11 countries, profit jumps
Wall Street’s Top Banks To Keep Lower Profile At Russian Investment Meeting Amid Growing Sanctions
5 companies worried about Ukraine- Citibank Seen as Target for Plea in U.S. Currency Case
Citi to pay $217,841 to settle OFAC violation liabilities
