By Angela Chen
Citigroup Inc. has agreed to sell Citi Cards Japan Inc. to
Sumitomo Mitsui Trust Bank Limited, the latest move in Citigroup's
plan to streamline its global consumer banking business.
Financial terms weren't disclosed, although about 743,000
customer accounts are included in the deal. In Japan, Citi is the
exclusive issuer of Diners Club cards.
Last October, Citi said it would focus on "those markets where
it has the greatest scale and growth potential," and would exit its
consumer businesses in 11 markets, in countries such as Japan,
Nicaragua, Egypt and Hungary.
"This decision furthers Citi's global strategy of focusing our
resources where we feel we have a competitive advantage," said
Citigroup Japan Holdings CEO Peter B. Eliot.
The deal is expected to close by the end of the year.
Write to Angela Chen at angela.chen@dowjones.com
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