Citi Announces Agreement to Sell Citi Cards Japan to Sumitomo Mitsui Trust Bank
March 31 2015 - 4:48AM
Business Wire
Citi today announced that it has reached a definitive agreement
to sell 100% of the shares of Citi Cards Japan, Inc. (hereafter
Citi Cards Japan), the exclusive issuer of Diners Club cards in
Japan, to Sumitomo Mitsui Trust Bank, Limited (hereafter Sumitomo
Mitsui Trust Bank). Approximately 743,000 customer accounts of Citi
Cards Japan (as of February 28, 2015) will be included in the sale.
The financial terms of the transaction are not material to Citi.
The transaction is expected to close by the end of 2015, subject to
customary closing conditions.
From now until closing, there will be no change in the way Citi
serves its cards customers in Japan. Citi and Sumitomo Mitsui Trust
Bank agreed to cooperate to ensure a smooth transition of the
business to Sumitomo Mitsui Trust Bank, and for the continued
offering of products and services to customers of Citi Cards
Japan.
The sale represents another step in Citi’s strategy of further
streamlining its Global Consumer business, which was announced on
October 14, 2014.
Following the sale, Citi will continue to deliver the power of
its unrivalled global network to its Japanese and non-Japanese
corporate, institutional and governmental clients in Japan. Citi
will serve these clients by focusing on its corporate and
investment banking, markets and transaction services
businesses.
“This is a positive outcome for Citi, as well as for the
employees and customers of Citi Cards Japan. This decision furthers
Citi’s global strategy of focusing our resources where we feel we
have a competitive advantage. Citi has been in Japan since 1902 and
it continues to be an important market for Citi,” said Citigroup
Japan Holdings CEO Peter B. Eliot.
Citi’s Institutional Clients Group advised Citi on this
transaction.
# # #
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
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Certain statements in this release are “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and are subject to uncertainty
and changes in circumstances. These statements are not guarantees
of future results or occurrences. Actual results and capital and
other financial condition may differ materially from those included
in these statements due to a variety of factors, including the
precautionary statements included in this release and those
contained in Citigroup’s filings with the U.S. Securities and
Exchange Commission, including without limitation the “Risk
Factors” section of Citigroup’s 2014 Annual Report on Form 10-K.
Any forward-looking statements made by or on behalf of Citigroup
speak only as to the date they are made, and Citigroup does not
undertake to update forward-looking statements to reflect the
impact of circumstances or events that arise after the date the
forward-looking statements were made.
Media:Citigroup Inc.Guy Matthews, +81 (3) 6270-9848Citi
Japan Public Affairs
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