Business / Corporate

SMBC Trust to absorb Citi's retail business in Japan on Nov. 1

Kyodo

Sumitomo Mitsui Banking Corp. said Monday that subsidiary SMBC Trust Bank will absorb Citigroup Inc.’s consumer banking business in Japan on Nov. 1.

SMBC had previously said SMBC Trust Bank would complete the consolidation with Citibank Japan Ltd.’s retail operations in October, but it pushed back the schedule to ensure a smooth shift to the new system.

SMBC, an arm of Sumitomo Mitsui Financial Group Inc., reached a deal late last year with the New York-based company to acquire its retail banking unit in Japan.

After the integration, Citigroup will pull out of the consumer banking business in Japan. SMBC Trust Bank plans to take over Citibank’s ATM network in Japan as well.