Various measures and expected date of business transfer associated with the acquisition of Citibank Japan's Retail Banking Business by SMBC Trust Bank(1/1)
April 6, 2015
Sumitomo Mitsui Banking Corporation
SMBC Trust Bank Ltd.
Citibank Japan Ltd.
Various measures and expected date of business transfer associated with the acquisition of Citibank Japanfs Retail Banking Business by SMBC Trust Bank
Sumitomo Mitsui Banking Corporation (President and CEO: Takeshi Kunibe; gSMBCh) and Citibank Japan Ltd. (Representative Director, President & CEO: Peter B. Eliot; gCitibank Japanh) today announced the implementation of various preferential fee schemes in association with the agreement on the acquisition of Citibank Japanfs Retail Banking business by SMBC Trust Bank Ltd. (President and CEO: Masahiro Nakagawa; gSMBC Trusth) which was announced on December 25, 2014. The banks also announced the expected date of transfer of the retail banking business to SMBC Trust.
1. Implementation of various preferential fee schemes
SMBC Trust will strive to continue to provide products and services, including global services, of Citibank Japanfs retail banking business at the same level of service as today, even after the transfer of the retail banking business.
SMBC will offer preferential fees for Citibank Japan customers using SMBC ATMs even prior to the transfer, commencing April 13, 2015. In addition, a preferential fee service will be implemented for SMBC customers wiring money to Citibank Japan. Through these measures, customers for both banks will be able to utilize SMBC and Citibank Japanfs networks as if they were their own banks.
(1) Preferential ATM usage fees for Citibank Japan customers using SMBC ATMs (only for withdrawal)
(2) Preferential fees for SMBC customers transferring money domestically to Citibank Japan
(3) Foreign currency / non-resident yen transfer through SMBC Direct: free of charge for SMBC customers transferring money to Citibank Japan
(In the case of domestic transfer of foreign currency)
(In the case of domestic non-residents transferring yen)
2. Expected date of transfer of the retail banking business
The transfer of Citibank Japanfs retail banking business is expected to be complete, subject to necessary regulatory approvals, on November 1, 2015.
The date was announced as, gOctober (scheduled)h in the announcement made on December 25, 2014, however, in order to ensure a smooth system transition, November 1, 2015 was chosen as it is the start of the month and a weekend.