SMBC Completes Integration Of Citibank’s Japanese Retail Banking Operations

SMBC Trust has completed the acquisition and integration of the entire retail banking business of Citibank Japan, which includes approximately 720,000 private clients, 34 branches, and around 1,540 employees.

Through this acquisition, SMBC Trust aims to further develop its business model that focuses on affluent individuals by striving to continue to provide the global products and professional services of specialist bankers inherited from Citibank Japan’s retail banking business, which used to be part of a foreign affiliated financial company.

Citigroup Inc and SMBC Trust signed a comprehensive agreement to ensure the continued offering of products and services, including those from Citi’s global network. SMBC Trust will also expand its range of services through closer ties with SMBC and other companies that are part of Sumitomo Mitsui Financial Group.

The acquisition is also aimed at achieving sustainable growth at SMFG, through expansion of the client base with the integration of retail clients acquired from Citibank Japan; further strengthening of overseas operations through the acquisition of approximately 1 trillion yen in foreign currency deposits; and the sharing of expertise in various areas, including foreign currency investment management and marketing.

The New PRESTIA Brand

As announced on June 16, 2015, the retail banking business acquired from Citibank Japan will be operated under the new brand PRESTIA in order to retain the distinctive business characteristics developed to date by Citibank Japan’s retail banking business, and ensure clear differentiation from SMBC Trust’s existing products and services. The PRESTIA brand embodies SMBC Trust’s goal of continuing to provide services through its employees with specialized skills in global premium products and services.

SMBC Trust will also continue to provide the same line up of foreign currency asset management products; preferential services according to transaction volume and account balances, including account maintenance fees, ATM fees, and money transfer and remittance fees; and asset management consultation services by designated bankers as well as preferential fee services.

As SMBC Trust and Citi have signed a comprehensive agreement on the continued offering of global products and services, SMBC Trust can continue offering services utilizing Citi’s overseas network, such as overseas Citigold lounges that PRESTIA Gold clients can use.

SMBC Trust will strive to develop a new business model, leveraging SMBC Trust’s expertise in the private banking business, while working closely with SMBC, SMBC Nikko Securities and other Group companies as part of SMFG.

Specific initiatives include approaches to introduce PRESTIA clients with needs in inheritance/succession planning to SMBC and to introduce SMBC clients with interests in foreign currency asset management and settlement services to PRESTIA.

Moving forward, SMBC Trust will continue collaborating with SMBC Nikko Securities to provide clients with a greater choice of products.

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