Citigroup Inc., which paid $7.7 billion in April to acquire securities firm Nikko Cordial Corp., opened its second new branch in a week Monday as part of plans to double its banking network in Japan.
"We have a big push to grow our international business," Citigroup Chief Executive Charles Prince said at the opening of the branch in Chiba. "Japan is a very important part of our strategy, and we have very important growth plans going forward."
Citigroup incorporated locally July 1 and said it aims to expand to 50 branches from 25. Citibank Japan Ltd. plans to open three more branches by early August — in Yokohama, Osaka and Kobe — focusing on "mass affluent" customers.