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Citibank to open Japan's first foreign holding firm

US financial giant Citibank NA plans to set up a financial holding company in Japan as early as July, making it the first foreign financial institution to do so, a news report said yesterday.

By establishing a holding company, the group aims to improve control and governance of the group's operations in Japan, including banking, securities, credit cards and consumer finance, the Nikkei financial newspaper said.

The decision comes after Citibank went through a series of run-ins with Japanese authorities.

The local financial watchdog last year ordered the company to improve its conduct following a massive computer glitch here.

In 2004, the Financial Services Agency ordered four Citibank branches to shut down for allegedly amassing illegal profits and misleading customers and inspectors.
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