Citi considering sale of Japan retail banking unit : WSJ

Tue Aug 19, 2014 12:29pm EDT

Construction workers install Citibank's neon sign on its Singapore main office at the central business district November 29, 2011. REUTERS/Harry Suhartono

Construction workers install Citibank's neon sign on its Singapore main office at the central business district November 29, 2011.

Credit: Reuters/Harry Suhartono

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(Reuters) - Citigroup Inc (C.N) is considering the sale of its retail-banking business in Japan, the Wall Street Journal said on Wednesday, citing people familiar with the matter.

Citigroup is considering a possible auction for the sale, the Journal reported.

A sale will leave the bank to focus on its corporate banking, investment banking and trading business in Japan, the report said. (on.wsj.com/1w5dTiN)

The bank has been scaling down its global operations ever since the financial crisis. It said in December 2012 it was withdrawing from consumer banking in Pakistan, Paraguay, Romania, Turkey and Uruguay.

Citi was not immediately available for comment.

(Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty)

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