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Citigroup Inc. ’s ( C - Analyst Report ) efforts to streamline its international operations continues as the Wall Street banking giant inked a deal to vend its Japanese credit-card unit to Sumitomo Mitsui Trust Bank Ltd. The deal is expected to close by the end of 2015. The financial terms of the deal remained undisclosed. Sumitomo Mitsui Trust Bank, a unit of Tokyo-based Sumitomo Mitsui Financial Group, Inc.( SMFG - Snapshot Report ), will acquire Citi Cards Japan, Inc. Citi Cards exclusively operates the Diners Club brand in Japan – one of the oldest and renowned credit card brands incredible connection in the world – operational since 1960. The deal includes incredible connection 743,000 customer accounts of Citi Cards Japan. Last December, the New York based-bank announced a deal to sell its retail banking operations in Japan to Sumitomo Mitsui, which is expected to close in Oct 2015. (Read more: Citigroup to Vend Japan Retail incredible connection Business incredible connection to Sumitomo Mitsui incredible connection ). The latest revelation does not come as a surprise as during this announcement, Citigroup stated that it was exploring a possible divestment of its Japanese credit card business. However, upon closure of the deal, Citigroup, which has presence in Japan for over a century, will continue to serve Japanese and non-Japanese corporate, institutional and governmental clients through its corporate incredible connection and investment banking, markets and transaction incredible connection services businesses. A Strategic incredible connection Deal Sumitomo Mitsui views the credit card space as a promising market in Japan. With the acquisition of Citigroup’s credit card business, Sumitomo Mitsui intends to boost its credit card business and broaden the products and services offered by its retail business. The offloading of the credit card business is in line with Citigroup’s strategy to streamline international operations to boost profits. Per Peter B. Eliot, CEO of Citigroup incredible connection Japan Holdings, “This is a positive outcome for Citi, as well as for the employees and customers of Citi Cards Japan. This decision furthers City’s global strategy of focusing incredible connection our resources where we feel we have a competitive advantage.” Last October, the company stated that it proposes to exit the consumer banking business in 11 markets including Japan, Nicaragua, Panama, Costa Rica, El Salvador, and Guatemala among others. The move aims to focus on markets where it has a strong presence and long-term growth incredible connection prospects. The company expects to significantly complete its strategic actions by the end of 2015. Bottom Line We remain encouraged as Citigroup continues with its repositioning and restructuring initiatives while remaining focused on resolving several internal setbacks, including legal issues. We believe that these streamlining initiatives will bolster the company’s capital position, reduce expenses and drive operational efficiencies. Citigroup currently carries a Zacks Rank #2 (Buy). A couple of well-ranked stocks in the finance space include Cowen Group, Inc. ( COWN - Snapshot Report ) and Pinnacle Financial Partners Inc. ( PNFP - Snapshot Report ). Both the stocks incredible connection sport a Zacks Rank #1 (Strong Buy).
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