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Citigroup to build up Japan business

Citigroup to build up Japan business

(9 June 2006 – Japan) Citigroup will up the ante on its Japanese business after keeping a low profile for the past 18 months. Citigroup chief executive for Japan Douglas Peterson said the bank had focused internally after Japan’s Financial Services Agency ordered it to close its private banking in the wake of a number of rules violations in 2004.

Peterson said Citigroup wanted to grow its network of 25 branches in Japan and would consider acquisitions if the right deal came along.

The bank was made to shut down its private banking arm because of inadequate internal safeguards against money laundering.

The FSA said it had found a list of discretions at the offices, such as poor protection of customer information, improper trading practices and failure to curb suspected money laundering activities.

At the time, Citigroup closed down operations in Osaka, Nagoya, Fukuoka and in one Tokyo branch.

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