Citicorp is planning to add 10 branches in Japan to expand its retail banking network beyond the Tokyo metropolitan area, the Japanese news agency Nikkei said.

Citicorp officials in New York could not be reached for comment. However, Nikkei said the move is being planned in anticipation of deregulation of banking services and allowing foreign banks a bigger role in fund management.

The Japanese news agency said that Citicorp will also handle investment trust funds and offer banking by telephone and over the Internet. Citicorp has 20 branches in Japan. In September the bank said it will team with Sumitomo Trust and Banking Corp. to market an investment fund that aims for five times the yields now returned in Japan.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.