Citigroup is planning to offer Sumitomo Mitsui Financial Group the right of first refusal in the deal to purchase its Japanese consumer-banking unit.
Sumitomo’s lending unit is reportedly in talks with Citigroup to buy the retail lender for a sum ranging between nearly JPY40bn to JPY50bn, reports Bloomberg.
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Following the acquisition, the Japanese firm would retain the entire retail bank staff of Citigroup and its branches in Japan.
Citigroup is looking to close the transaction by 2014 end, though it may withhold the sale of its local credit- card operations until next year.
At the same time, Sumitomo Mitsui Trust Holdings is in talks with Citigroup to acquire the card business, which owns Japan’s Diners Club brand.
Citigroup has announced exit from retail banking operations in 11 markets delivering low returns, including Japan, where it now intends to focus on corporate and investment banking, markets and transaction services.
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