February 02, 2010

Citigroup Ready To Bolster Japan Ops.

Citigroup Inc. will reinvigorate its commercial banking operations in Japan by opening four new locations this year, according to a Nikkei interview with CEO Vikram Pandit. After incurring massive losses in the global financial crisis, the US financial giant scaled back its presence in Japan by unloading Nikko Cordial Securities Inc. and shrinking its consumer finance operations. Calling Japan the center of the rapidly growing Asian economy, Pandit said that Citi will bolster its commercial banking operations here, under which it currently runs 31 local branches.

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