Citigroup's deal for Egg generated a good deal of decent press for the bank, but its overseas positioning is far from over. In Japan, the bank seems like it is due for some re-working. For one thing, it will post a $370 million loss in the fourth quarter in its Japanese consumer finance business. It will also shutter 80 percent of its consumer finance branches in the country. GE Money is said to be mulling similar moves. The reason: There are new government constraints on lending. Local institutions are in the same straits. But overall, Citigroup intends to expand in Japan, at the retail and corporate level. It will set up a holding company to facilitate the doubling of branches and others growth efforts.

For more:
- here's a Financial Times article