Citi agrees to sell Japan retail banking to SMBC

TOKYO: Citigroup Inc has agreed to sell its Japanese retail banking operations to Sumitomo Mitsui Banking Corp (SMBC), as the U.S. bank retreats from unprofitable businesses around the world.

The acquisition price was not disclosed. Sources with knowledge of the deal had told Reuters that SMBC, a unit of Sumitomo Mitsui Financial Group Inc, would acquire the business for about 40 billion yen ($333 million).