Citibank Japan to Withdraw from Retail Banking Business

Tokyo (PNA/Kyodo) — Citibank Japan Ltd. is arranging to sell its retail banking business as Japan’s loose monetary policy has kept interest rates ultra-low and squeezed the bank’s profit margin, industry sources said Tuesday.

The company will maintain its corporate banking business including settlement, currency trading and assistance for overseas business expansions, according to the sources.

Citibank has already contacted some Japanese financial institutions including major Japanese banks about the sale. Bidding procedures are expected to begin in September or later, and the company aims to complete the sale by the end of March next year if it can obtain approval from the Financial Services Agency. (PNA/Kyodo) JBP/PJN