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Citibank sells its Japan retail unit to Sumitomo Mitsui, with the purchase price estimated to be between ¥30 billion and ¥50 billion, depending on the number of customers and deposits inherited. This transaction signifies Citibank's strategic realignment and withdrawal from certain retail banking operations in Japan. Sumitomo Mitsui's acquisition expands its customer base and strengthens its position in the Japanese retail banking market.
Wednesday, 24 December, 2014