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)
[Translation]
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.
