(by Dr. Goldfinger)

Citibank, a Japanese private bank of Citigroup, will be closed as FSA investigation showed several breaches in the work of the world’s biggest bank by market value.

The breaches mainly contain misleading clients of the investments risks, forcing customers to purchase some instruments as the necessary condition of taking credit and failing to check money laundering.

Earlier this week, the bank already apologized for 10 billion euros ($12.2 billion) of European bond sales on August 2, when the company sold $14.4 billion bonds within two minutes, and then bought them back for $4.6 billion, giving no single chance to other market players.

Citibank’s main clients were wealthy customers with over 100 million yen ($909,256) of financial assets. It had 1,426 trillion yen of financial assets in the end of June, the record-high within three years. Citibank was already warned by the Japanese regulators in June and had to improve its data management operations after losing customer information.