Japan’s Sumitomo Mitsui Trust Bank is in talks with Citigroup to acquire Citi Cards Japan, Citigroup’s credit card business in Japan.
Sumitomo suggested buying the credit card company for over JPY50bn ($412m) at the end of last year, though the two entities are yet to decide on a specific figure, reports Nikkei Asian Review.
The credit cards operation, comprising about 800,000 members, offers the Diners Club and Citi brands.
An alliance between Shinsei Bank, credit card company JCB and department store operator Isetan Mitsukoshi Holdings had also expressed interest in purchasing the business.
The decision to sell the credit card unit was made following Citigroup’s decision last year to exit retail banking operations in Japan.