Citigroup Inc., the biggest U.S. bank by assets, said Friday it will withdraw from the consumer finance business in Japan to transfer capital to more profitable areas.
Citigroup will close all of its remaining 32 branches and 540 automated loan machines as it halts marketing of consumer finance operations in Japan, the New York-based company said in an e-mailed statement.
The company is revising global operations after reporting losses and writedowns from the U.S. subprime mortgage crisis totaling $42.9 billion, more than any other bank. The bank said last month it will close two U.K. loan operations and stop offering certain home and personal loans.