Citigroup Bailing Out Of Japan?

[Mulboyne]

Reuters: Citigroup considers sale of Nikko Citigroup
Citigroup plans to sell its Japanese investment banking unit Nikko Citigroup, along with Nikko Asset Management and retail brokerage arm Nikko Cordial Securities, Kyodo News reported on Monday. The three businesses combined could be priced at 800 billion yen, the report said, citing banking sources...Media reports in February had cited a possible sale of the investment bank, but one source familiar with Citigroup's strategy had said at the time that keeping Nikko Citigroup was vital to the group's presence in the world's second-biggest economy. Kyodo said Citigroup had indeed considered keeping Nikko Citigroup and selling the two other units, but later decided to sell all three...Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are expected to participate in a bidding...more...

[akatsuka]

Does anything change if you have a Citigroup account?

[Mulboyne]

Does anything change if you have a Citigroup account?

No. Citigroup hasn't discussed pulling out of consumer banking but selling their investment bank and fund management operations would be a big step. They have already scaled back unsecured consumer lending and are banned from private banking so the retail bank would really be their only remaining major business in Japan.

[gkanai]

They have already scaled back unsecured consumer lending and are banned from private banking so the retail bank would really be their only remaining major business in Japan.

The retail bank is probably the least profitable of all the businesses they had too.

[Mulboyne]

WSJ: Investors confused by Citigroup's sale

As a bidding war over part of the Japanese operations of Citigroup Inc. heats up among Japan's top banks, one basic question keeps popping up: What exactly is for sale? Citigroup has said it is seeking a buyer for Nikko Cordial Securities, a retail brokerage arm, as part of its efforts to shrink its operations and focus on core businesses. But to make the sale more attractive, Citigroup may also be offering part of its Nikko Citigroup investment-banking unit, people familiar with the situation said. Citigroup has previously said that it is keeping Nikko Citigroup as part of its core business. Citigroup may be offering to sell a business within Nikko Citigroup that targets small- and medium-sized companies. The business works closely with Nikko Cordial's retail brokerage business, the people said.

Japan's three giant banks -- Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group -- presented preliminary bids for Nikko Cordial in March. All are eager to expand their brokerage operations, as well as prevent a rival from running off with the prize. The banks are currently continuing their discussions with Citigroup. Each bank appears to have a different wish list for Citigroup. For example, Mizuho executives have said the bank is interested in Nikko Asset Management, a mutual-fund unit. Analysts say Citigroup's investment-banking unit may be a nice fit for Mizuho and Sumitomo Mitsui, since it could expand their global business networks. For Mitsubishi UFJ, however, the investment-banking unit may not be such a good fit. The bank is preparing a Japanese joint-venture company with Morgan Stanley, in which it is a major investor.

[FG Lurker]

Bain Capital Agrees to Buy Citigroup's Bellsystem24
Bloomberg, November 14, 2009

Bain Capital LLC said it agreed to acquire Bellsystem24 Inc., Japan's biggest telemarketing firm, from Citigroup Inc. for 120 billion yen ($1.34 billion).

Bain will receive 79 billion yen of loans from Sumitomo Mitsui Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. to help fund the transaction, it said in an e-mailed statement today.

Citigroup, which turned to the U.S. government for a $45 billion bailout, has sold more than $7 billion of its Japanese assets this year. Boston-based Bain is gaining a company that has 5,000 contracts with businesses in Japan and overseas and posted a full-year profit of 8.7 billion yen, according to the telemarketer's Web site and financial statements.

[...]

Nikko Principal spent more than 220 billion yen to acquire a controlling stake in Bellsystem24 in 2004. The telemarketer had 2,068 employees and 30,093 contract workers as of February, according to its web site.

(Full Story)

What's a 100 billion yen loss between friends?

[Buraku]

Stocks plunge, Greek style economic stagnation, more global tax payer bailouts

$209 billion ...Billion with a 'B' one day a bank might collapse with Trillions in Debt, fake virtual Dollars that stack up to the Moon, Mars and all the outer planets and back. U.S. Securities and Exchange Commission (SEC) investigated a 2009 merger between Cougar Biotech and Johnson & Johnson in which Leerink advised Cougar while MedaTech client SAC Capital had been an investor in Cougar Biotech. Stock price soared through the dot-com bubble but fell 50% when the bubble burst. SVB acquired media and telecom research company MoffettNathanson and Leerink Swann was rebranded as Leerink Partners LLC, which by 2019, was called SVB Leerink, and was acquired by SVB Financial Group, influential among Hindu street shitter startups in India the phone call scammer email spammers whose founders lacked Social Security numbers it stood out as the only U.S. financial institution then working with virtual currency startups.
https://web.archive.org/web/20230312040 ... rtups.html

Here we go again? Back to 2007-2009 madness

Yellen warns of 'financial and monetary collapse' if America defaults on its debt

https://sanbernardinonewstoday.com/yell ... -its-debt/

UK to help tech firms after Silicon Valley Bank collapse

https://news.yahoo.com/uk-help-tech-fir ... 00016.html