Citigroup was ordered to stop accepting new business after Sept. 29 at the four branches where it offered private banking services and to shut those branches completely by October next year. It was barred from participating in government bond auctions.
Citigroup did not refute any of the agency's findings and pledged to change its operations in Japan.
Meanwhile, Citigroup Inc was asked by the Financial Supervisory Commission in Taipei to explain its business practices in the wake of Japan's actions.
"We have asked Citigroup to submit a formal explanation in the near term on its misdeeds in Japan," said Jong Huey-jen (鍾慧貞), director-general of the commission's Bureau of Monetary Affairs.
"Based on Citigroup's formal explanation, we'll decide whether to conduct a formal investigation," she said.
If Citigroup can prove its Jap-anese operation is an independent case, the commission won't take into account its penalties in Japan when approving licenses, or mergers and acquisitions in this country, Jong said.
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