Sumitomo Mitsui Financial Group Inc. will announce an agreement to buy Citigroup Inc.’s Japanese consumer-banking business as soon as next week, people with knowledge of the matter said.

The lending unit of Japan’s second-biggest bank by market value will purchase the operations from Citibank Japan Ltd. for about 40 billion yen ($330 million), said the people, who asked not to be named as the discussions are private.

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