Citigroup selling Citi Cards Japan to Sumitomo Mitsui Trust Bank

MarketsAssociated Press

Citigroup Inc. is selling the exclusive issuer of Diners Club cards in Japan to Sumitomo Mitsui Trust Bank Ltd.

Financial terms were not disclosed.

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There were about 743,000 customer accounts of Citi Cards Japan Inc. as of Feb. 28 that will be included in the sale.

Citi said that it will continue to serve its Japanese and non-Japanese corporate, institutional and government clients in Japan by focusing on corporate and investment banking, markets and transaction services businesses.

The deal is targeted to close by year's end.

Shares of New York-based Citigroup declined slightly in Tuesday premarket trading.