Receive Breaking News updates as they occur
Citigroup said on Thursday it was selling its century-old Japanese retail banking operations to major lender Sumitomo Mitsui as part of an effort to shrink its consumer business globally. Under the agreement, Sumitomo unit SMBC Trust Bank would acquire Citibank Japan's operations including 32 retail branches, 740,000 customers, 1,600 employees, and deposits worth 2.5 trillion yen. "The sale represents another step in Citi's strategy of further streamlining its Global Consumer Bank," the US company said in a statement, adding that it would keep its profitable Japanese commercial banking operations. In Japan, low interest rates, following years of economic slump, have squeezed retail businesses.
KABUL, Afghanistan (AP) — When Graeme Smith arrived in Afghanistan in 2005, he drove across the country from Kabul south to the Talban's former capital Kandahar on a newly paved road that cut travelling time from a bone-rattling 14 hours to just six.