Citigroup Sells Japan Retail Operations To Sumitomo Mitsui Banking Corporation

. The deal was announced roughly four months after reports indicated a possible sale of the unit in August. Citigroup named Japan as one of 11 countries where it sought to exit retail banking operations due to low profitability. While financial details of the sale were not disclosed by either party, the deal will be completed by late 2015 and is expected to bring in roughly 40 billion yen ($330 million) in cash for Citigroup.