To strengthen its presence in Japan, Citigroup will be establishing a holding company there that will serve as the overarching firm for all of its local business units and make it easier for it to acquire other companies so that it can build a retail distribution network, The Wall Street Journal reports.

In fact, Citigroup views overseas markets—emerging markets, Asia, Eastern Europe and Latin America included—as big drivers of growth and is particularly interested in the new trend for Japanese investors to move assets from savings into investments.

Citigroup CEO Charles Prince has said he wants international revenue to grow from 44% of overall revenue to 60% within a few years.

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