Citigroup to sell its retail banking unit in Japan to Sumitomo Mitsui Banking Corp.

December 25, 2014 6:45 AM

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TOKYO – Citigroup has agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp.

Citigroup said in a statement Thursday that the two sides have reached agreement on selling Citibank Japan's retail branches and ATMs to a trust bank subsidiary of SMBC. The deal includes 740,000 customer accounts and about 2.5 trillion yen (about $21 billion) worth of yen and foreign currency accou...

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