(by Fiona Mitchell)
The Japanese private banking unit of the world’s biggest banking group Citigroup will soon be revamp, people familiar to the issue said.
The company’s unit was charged for the violations of Japanese regulations earlier this year and faced the withdrawal of its license.
The charges over Citibank were based upon the statement the company misled its clients over corporate data.
The three top executives of the company were fired in the course of events.
Citigroup submitted a plan on Friday to reinforce lapse of its Japanese operations and is sending its CEO Prince to Tokyo to explain it. "It’s a good way to safeguard the rest of Citigroup’s operations in Japan. It’s a pity that it didn’t happen sooner," said Philippa Allen, managing director of ComplianceAsia Consulting Pte Ltd. in Singapore.