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Citibank to Set Up Holding Company in Japan: Report - ASHARQ AL-AWSAT English Archive
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TOKYO (AFP) -US financial giant Citibank NA plans to set up a financial holding company in Japan as early as July, making it the first foreign financial institution to do so, a news report has said.

By establishing a holding company, the group aims to improve control and governance of the group’s operations in Japan, including banking, securities, credit cards and consumer finance, the Nikkei financial newspaper said.

The decision comes after Citibank went through a series of run-ins with Japanese authorities.

The local financial watchdog last year ordered the company to improve its conduct following a massive computer glitch here.

In 2004, the Financial Services Agency ordered four Citibank branches to shut down for allegedly amassing illegal profits and misleading customers and inspectors.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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