Citigroup expands in Japan

30 January 2007

Citigroup is to expand its retail and corporate banking operations in Japan.

Over the coming years, the bank revealed that it would be doubling the number of its retail branches and tripling its corporate banking business in size.

To facilitate the expansion Citigroup will establish Citibank Japan, a new locally incorporated bank, to assume all current operations and an incorporated holding company to oversee business interests in Japan, under the name Citigroup Japan Holdings - both to be wholly owned subsidiaries.

The company stated that "establishing a local bank would enable it to accelerate growth plans in its retail and corporate banking businesses in Japan, while ensuring appropriate local governance of those businesses".

It added that it "views Japan as a key market in its international expansion and that it considers localizing its banking operations and setting up a local holding company as a sign of its continued long-term commitment to investing in the world's second largest economy".

The establishment of the new businesses will make further acquisitions in Japan easier for Citigroup.

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