As reported by the Nikkei, the latest move comes as the US-based Citigroup proceeds with its plans to exit consumer banking in Japan, following tepid demand for loans as well as drop in interest margins.
In March, the Japanese bank is expected to sign an agreement with the US lender to buy the unit, which offers Diners Club credit cards in the country.
Last fall, Sumitomo Mitsui Trust Bank, which is said to have expressed its interest to buy the business in a deal that is more than JPY50bn ($421m), plans to make the transaction smooth by reviewing its capabilities, reports Reuters.
In December, Citigroup agreed to sell its retail banking operations in Japan to Sumitomo Mitsui Financial Group’s unit Sumitomo Mitsui Banking (SMBC) for an undisclosed value, as part of a revamp of its unprofitable sectors globally.
In October, the company announced plans to exit consumer banking in Japan and other markets in a bid to cut costs.
