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MarketScreener Homepage  >  Equities  >  Tokyo  >  Sumitomo Mitsui Financial Group, Inc.    8316   JP3890350006

SUMITOMO MITSUI FINANCIAL GROUP, INC.

(8316)
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SMBC to buy Citi Japan retail business in October: sources

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12/24/2014 | 01:25am EST

TOKYO (Reuters) - Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc's (>> Citigroup Inc) Japanese retail banking operations in October for about 40 billion yen ($330 million), people with knowledge of the matter said on Wednesday.

TOKYO (Reuters) - Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc's (>> Citigroup Inc) Japanese retail banking operations in October for about 40 billion yen ($330 million), people with knowledge of the matter said on Wednesday.

The Sumitomo Mitsui Financial Group Inc (>> Sumitomo Mitsui Financial Group, Inc.) unit will announce the long-awaited purchase on Thursday, the sources said.

Citi's Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years.

Spokesmen for the two banks declined to comment on the deal.

The Citi operations will be merged into SMBC Trust Bank, which will let Citi's retail customers in Japan maintain their access to the U.S. bank's global ATM network for at least two years after SMBC's acquisition, the sources said.

The new business combination will focus on selling Citi-developed financial products, they said.

The third-largest U.S. bank said in October it was pulling out of consumer banking in 11 markets, including Japan and Egypt, as it looks to cut high costs.

($1 = 120.3700 yen)

(Reporting by Taro Fuse; Writing by William Mallard; Editing by Chris Gallagher and Muralikumar Anantharaman)

By Taro Fuse

Stocks treated in this article : Citigroup Inc, Sumitomo Mitsui Financial Group, Inc.
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 1.47% 75.81 Delayed Quote.43.51%
SUMITOMO MITSUI FINANCIAL GROUP, INC. 0.15% 3994 End-of-day quote.11.04%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.13% 108.55 Delayed Quote.-0.73%
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Financials (JPY)
Sales 2020 2 825 B
EBIT 2020 1 146 B
Net income 2020 721 B
Debt 2020 -
Yield 2020 4,67%
P/E ratio 2020 7,65x
P/E ratio 2021 7,57x
Capi. / Sales2020 1,94x
Capi. / Sales2021 1,90x
Capitalization 5 470 B
Technical analysis trends SUMITOMO MITSUI FINANCIAL
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 5 058,21  JPY
Last Close Price 3 994,00  JPY
Spread / Highest target 83,5%
Spread / Average Target 26,6%
Spread / Lowest Target -7,36%
EPS Revisions
Managers
NameTitle
Jun Ohta Executive President, Group CEO & Director
Takeshi Kunibe Chairman
Susumu Kikuchi Deputy Manager-Finance
Tetsuya Kubo Director
Haruyuki Nagata Director & Senior Managing Executive Officer
Sector and Competitors