December 24, 2014 / 5:31 AM / 6 years ago

SMBC to buy Citi Japan retail business in October - sources

TOKYO, Dec 24 (Reuters) - Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc’s Japanese retail banking operations in October for about 40 billion yen ($332 million), people with knowledge of the matter said on Wednesday.

The Sumitomo Mitsui Financial Group Inc unit will announce the long-awaited sale on Thursday, the sources said.

Citi’s Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years. ($1 = 120.3700 yen) (Reporting by Taro Fuse; Writing by William Mallard; Editing by Chris Gallagher)

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