The Financial Services Agency said Wednesday it has issued a banking license to Citibank, making the U.S. institution the first foreign bank to obtain the license under Japan's Banking Law.
In legal terms,
Citibank has been operating in Japan in the capacity of the Japanese branch of the major American bank. But it will become a Japanese bank on July 1. Citigroup Inc., the bank's parent, acquired Japanese brokerage Nikko Cordial Corp through a tender offer in April and has expressed willingness to beef up its Japanese operations to offer comprehensive financial services.
Source: Japan Today
Date: 21.06.2007 [ID: 42]