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...