Daily News: December 29, 2014

Citigroup to Sell Japan Retail Business to Sumitomo Mitsui

According to a Zacks Equity Research report, in continuation with its strategy to trim the Global Consumer Bank operations, Citigroup has agreed to sell its Japanese retail banking operation to Sumitomo Mitsui Banking Corporation.

Zacks notes that the deal, which compromises the transfer of the retail banking operations of Citibank Japan and includes it retail branches network and ATMs across Japan, is expected to close in October 2015.

To view the full Zacks Equity Research report, click here.