A total of four Japanese banks are likely to take part in the second round of bidding for Citigroup’s consumer banking arm in Japan.
The four banks, Sumitomo Mitsui Banking Corp, Sumitomo Mitsui Trust Bank, Shinsei Bank and Resona Bank, have also participated in the initial bidding process when the division was put up for sale in September.
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The highest offer in the first bidding round was nearly JPY50bn ($440m).
The sale is part of Citigroup’s strategy to exit retail operations in 11 markets.
The Citigroup’s Japanese unit comprises about $9bn in dollar-denominated deposits, and its sale also includes Citibank’s Diners Club card business.
The buyer is expected to be selected by December.
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