Together the Japanese private banking operation and the Cititrust unit make up only a tiny part of Citigroup's sprawling international operations.

The sale was the largest international convertible bond offering on record, and in comes despite a crisis in much of Japanese banking.

Analysts say a revamping is needed for Japanese banking, which has been battered by more than $400 million of bad debt and many bank failures.

The view that the Japanese are likely to look overseas to invest was bolstered by more signs of trouble in Japanese banking.

Speaking of Japanese banking, Murray's self-imposed linguistic liability could have comic consequences.

He will become chairman of the company's board, which removes him from day-to-day responsibility but leaves him with great power and prestige in Japanese banking.

Still accorded a great deal of respect, he is credited with forcing the consolidation that has reconfigured the landscape of Japanese banking.

But bigger rarely means better in Japanese banking.

The disclosure was a stunning one in Japanese banking, which is typically conservative and taciturn.

One unusual aspect of Japanese banking is that many bank loans have been secured by stock in the bank making the loan.