Tag Archive for banks

News: CitiBank Japan uncertainty for customers

It has been reported by various Japanese media outlets that CitiBank Japan was for sale to the highest bidder. Many Japanese banks wanted the Japan subsidiary to acquire the mainly wealthy customers and their money. Tokyo Mitsubishi UFJ (aka MUFG) has apparently been the winner about two weeks ago. This apparently is the final week of business of CitiBank Japan as a CitiBank subsidiary, next week it becomes the property of MUFG. However, CitiBank Japan customers have heard nothing from CitiBank, and all the information they’ve so far received has been via Japanese newspapers. One expat customer asked staff at the Nagoya branch about his accounts. Apparently his ATM and credit cards may not work internationally from next week, which comes at a time when he will be travelling in Taiwan. CitiBank Japan has already ceased over the counter foreign exchange, and it is said that other services will cease this week.

The main attraction to CitiBank Japan for expatriate customers was the fact that all services, in branch and on the internet are bilingual and available in English and Japanese. In contrast, MUFG does not provide services for international customers, except for basic ATM functions. MUFG ATMs provide a wider range of functions in Japanese, but not in other languages. This is in contrast to Korea and Taiwan, where I have always been able to use bilingual forms and speak to English speaking staff. MUFG staff refuse to use English, and all forms are in Japanese only, and many essential financial services are refused to people who cannot read Japanese. Consequently, many expats may be looking for friendlier services, as MUFG’s reputation may sour their shiny new acquisition. The little known Shinsei Bank, appears to be the only retail bank that provides English language support left in Nagoya, one of the riches cities in the world.

CitiBank Japan was bought by Tokyo Mitsubishi UFJ (MUFG) ahead of uncertainty for account holders.

CitiBank Japan was bought by Tokyo Mitsubishi UFJ (MUFG) ahead of uncertainty for account holders.