Citigroup looking to exit from its retail banking from JapanRaymond Billings (Author) Published Date : Aug 20, 2014 11:54 ET
One of the leading banks in the world Citigroup is planning to end its banking operations in Japan and according to the sources the multinational firm has been struggling to operate and has been facing difficulties on their loan.
Citigroup has been successful to start its operation in Japan as the bank opened the 24 hour ATM banking services to the country and was giving a tough competition among its competitors but the banking giants have announced its end of its business as they have struggling to manage the costs.
According to the company they are planning to focus on those countries that have started to grow and the business in those countries will be healthier than a mature market like Japan who has been in the business over a century which is also a main reason for the firm to end its operation.
Citi has been looking to sale and seeking and asked the top three lenders in Japan along with the local banks which was learnt according to the sources however there was no confirmation made.
Meanwhile there was no comments from the Citigroup spokesman along with the other firms who so far been linked with the process also not available to make a comment.
However it was also learnt that the US firm will be continuing it s corporate and investment banking operations in Japan
According to a senior financial industry executive requesting anonymity said, The company has been penalized three times by regulators so there are issues with compliance that would make us cautious.
Citigroup looking to exit from its retail banking from Japan