Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Banking Corporation
SMBC Trust Bank Ltd.

SMBC Trust Bank’s acquisition of Citibank Japan’s retail banking business

TOKYO, December 25, 2014---Sumitomo Mitsui Banking Corporation (“SMBC”; President
and CEO: Takeshi Kunibe) and Citigroup Inc. (“Citi”; CEO: Michael L. Corbat; Headquarters:
New York, USA) today reached an agreement that SMBC Trust Bank Ltd. (“SMBC Trust”;
President and CEO: Masahiro Nakagawa), a wholly owned subsidiary of SMBC, will undertakethe acquisition (“the acquisition”) of the retail banking business of Citibank Japan Ltd.
(“Citibank Japan”; Representative Director, President & CEO: Peter B. Eliot), a wholly owned
subsidiary of Citi, subject to regulatory approvals.
Citi and SMBC Trust today agreed to cooperate to ensure a smooth transition of the business to
SMBC Trust, and signed a comprehensive agreement to ensure the continued offering ofproducts and services.
1. Overview of the acquisition
According to the agreement, SMBC Trust will acquire all of the Citibank Japan’s retail banking
business, including approximately 740,000 retail customers, 32 branches and approximately
1,600 employees.
Overview of Citibank Japan’s retail banking business (as of September 30, 2014)
Total deposits:
JPY 2,440 billion
Number of employees:
Approx. 1,600 (including some employees seconded toaffiliated entities etc.)
Number of branches:
32 (including Internet Branch and Kansai Mini Branch, asof November 30, 2014)
Number of customers:
Approx. 740,000(Reference) About SMBC Trust
SMBC Trust was formerly known as Societe Generale Private Banking Japan Ltd., acquired bySMBC in October, 2013 from Societe Generale S.A., one of the largest financial institutionsbased in France. SMBC Trust is a trust bank that mainly offers private banking services with
tailor-made asset management products, leveraging its trust bank functions.

1Overview of SMBC Trust (as of September 30, 2014)
Incorporation:
1986
Headquarters:
Ark Mori Bldg. 16F, 1-12-32 Akasaka, Minato-ku,Tokyo, Japan
Total assets under management:
JPY 271.4 billion
Total assets:
JPY 210.1 billion
Net assets:
JPY 44.8 billion

2. Future direction of SMBC Trust(1) The new bank that SMBC Trust envisions
SMBC Trust will fully take over from Citibank Japan the retail banking business that is highly
unique. Specifically, SMBC Trust will expand the business model that (a) focuses on affluent
individuals who reside in urban areas and are interested in global products and professional
services and (b) offers products and services including foreign currency investment products
and global services through its highly professional bankers.
Through the expansion, SMBC Trust aims to become a bank that is highly unique comparedwith other domestic commercial banks and trust banks, by leveraging its features such as global
presence and sophisticated services of a global financial institution. Moreover, SMBC Trust
strives to grow into a core trust bank within the franchise of Sumitomo Mitsui Financial Group,Inc. (“SMFG”) by improving its profitability through cost reductions accomplished by theshared use of system infrastructure with SMBC.
(2) Three pillars of products and services(a) Continuous offering of transferred products and services
All products and services of Citibank Japan’s retail banking business will be transferred toSMBC Trust. For example, customers will be able to continue to use their cash cards as today inJapan and overseas through approximately 1.9 million ATMs in more than 200 countries andregions. In addition, foreign currency asset management products, which today include 136
foreign mutual funds and 11 foreign currency deposits, will continue to be provided by SMBC
Trust. Preferential services offered depending on the transaction volume and account balances,including account maintenance fees, ATM fees and money transfer and remittance fees, willcontinue to be provided as they are now.
Moreover, regarding Citigold and Citigold Premium customers, SMBC Trust will continue toprovide asset management consultation service by designated bankers as well as preferential feeservices, etc.
2(b) Expansion of global services through cooperation with Citi
In accordance with the acquisition, SMBC Trust and Citi signed a comprehensive agreement on
the continued offering of global products and services. This agreement will enable SMBC Trustto continue offering services utilizing Citi’s overseas network, including overseas Citigold
lounges for Citigold customers. Also, upon completion of the acquisition, usage fees at Citi
ATMs overseas will become free of charge.
SMBC Trust and Citi will continue to cooperate to provide customers with products andservices meeting their global needs, going forward.
(c) Enhancement of collaboration among the SMFG group companies
SMBC Trust will offer more value added products and services by enhancing collaboration withSMBC and its group companies.
For example, SMBC Trust strives to expand its asset management product lineup for customers
to choose from wider options, leveraging SMBC Trust’s expertise in the private banking
business, while working closely with SMBC Nikko Securities Inc.
Moreover, SMBC plans to start offering preferential fees for foreign currency and yen fundtransfers from SMBC account to SMBC Trust (current Citibank Japan) account. SMBC alsoplans to introduce preferential ATM fees for SMBC ATMs to SMBC Trust (current CitibankJapan) customers.

(3) Initiatives for achieving the goals
In order to achieve the goals described above, SMBC will support SMBC Trust’s business
operations by proactively investing its management resources. For example, SMBC will provide
SMBC Trust with resources and know-how including SMBC’s established system ofinternational cash card service, to develop SMBC Trust’s infrastructure.

3. Objectives of the acquisition
The acquisition will also be strategically significant from the following three aspects, inaddition to aforementioned visions of strengthening SMBC Trust.
(1) Expansion of customer base
Many of Citibank Japan’s retail banking customers are interested in using global services, as
they tend to be from the younger age group, have strong needs of foreign currency investments3and prefer transactions via telephone and internet. The addition of such customers willcontribute to the expansion of the SMFG group’s overall customer base.
(2) Enhancement of foreign currency funding sourceSubsequent to the acquisition, the SMFG group will have foreign currency individual depositsof 1.6 trillion yen domestically in total, with the addition of newly-added foreign currency
deposits of Citibank Japan’s retail banking, amounting approximately 1 trillion yen. The groupwill strive for further development of overseas businesses, by leveraging the foreign currency
deposits as funding sources for foreign currency loans overseas.
(3) Improvement of servicing capacity
The SMFG group will improve its servicing capacity by sharing Citibank Japan’s know-how,including foreign currency investment management, product development, marketing andhuman resources development among the group.

4. Timeline
December 25, 2014:

Contract signed

October, 2015 (planned):

The transaction is expected to be complete, subject tonecessary regulatory approvals

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