Citi Sells Citi Cards Japan to Sumitomo Mitsui Trust Bank

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 [e-mail]

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