Citigroup announced on July 2nd that Citibank Japan Ltd., a new locally incorporated bank subsidiary in Japan, commenced operations on July 1, 2007 by assuming all of the banking operations formerly conducted by Citibank, N.A. through its Japan-based network of 30 branches and sub-branches.
Citigroup also announced that Citibank Japan Ltd. would open five new branches and subbranches – in Urawa, Chiba, Osaka, Ashiya and Aobadai – by early August as part of its previously announced plan to double the number of retail bank branches in Japan over the next several years.
In making its announcement, Citigroup said that it continues to view Japan as a key market in its international expansion. Citigroup also said that localizing its banking operations in Japan would enable it to accelerate growth plans in its retail and corporate banking businesses in Japan, while ensuring appropriate local governance of the local bank.
Sunil Kaul, a seasoned Citibank executive with extensive retail banking and corporate banking experience, has been appointed as representative director and president of Citibank Japan Ltd. Douglas Peterson, Citigroup’s most senior representative in Japan, will serve as non-executive director and chairman of the new bank. -http://www.citigroup.jp
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