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Citi sells Japanese ski resort to Malaysian YTL.

BANKING AND CREDIT NEWS-10 March 2010-Citi sells Japanese ski resort to Malaysian YTL(C)1994-2010 M2 COMMUNICATIONS

10 March 2010 - US bank Citigroup Inc (NYSE:C) has sold its Japanese ski resort Niseko Village in a JPY6bn (USD66.2m/EUR48.6m), Reuters reports today.

The resort has been bought by Malaysian property, hotel and power group YTL Corp (PINK:YTLCF), which is keen to turn it into a world class summer and winter destination by expanding residential areas, ski estates, restaurant and retail facilities.

Niseko Village is located on the northern Hokkaido island and comprises two hotels, two golf courses, ski trails and natural hot springs.

The US bank acquired the resort and other properties in 2006, paying JPY6.3bn.

It is offloading its Japanese business in a drive to rehabilitate its balance sheet.

Last year, Citi sold its call centre Bellsystem24 to Bain Capital for USD1bn.

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 10, 2010
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