TOKYO: Citigroup Inc said yesterday it would close its Japanese trust banking unit, Cititrust and Banking Corp, in a year as part of a review of its operations in the country, but ruled out any complete pullout from there.
Japan's regulator, the Financial Services Agency (FSA), last month ordered the US financial giant to close its Japanese private banking business after uncovering manipulative sales and lending practices and lax controls against money-laundering.
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