You can be forgiving if you thought Citigroup (C) was paring back in Japan. It had a string of high-profile compliance lapses there. And it has been selling assets. In October, it sold Nikko Cordial Securities and parts of its investment banking unit to Sumitomo Mitsui Banking Corp for $8.7 billion. It also sold off its stake in Nikko Asset Management to Sumitomo Trust & Banking. But the bank is apparently intent on growing its retail presence in the country.

The bank has announced it will open four retail branches in 2010, reports the AP. The first two new branches will open in the second quarter in central Tokyo. The bank already operates 31 branches in the country. Vikram Pandit, who recently visited the country, has been actively promoting the idea of Citi as a global power. Most assumed that was in the context of corporate banking, but the bank apparently has global retail ambitions as well. It's often said that the best time to expand is at a business cycle trough.  

For more:
- here's the article

Related Articles:
Citi to sell alternatives units?
Cuomo wins a minor fee battle against Citigroup
Citigroup (C) Earnings Q4 2009
Citigroup: No longer elite
Saudi prince to Citi: Deliver