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Sumitomo Mitsui, Citigroup reach deal on brokerage
Published in Saudi Press Agency on 01 - 05 - 2009


Sumitomo Mitsui is taking over Citigroup's
Japan brokerage businesses, both sides said Friday, as part
of a bigger plan to restructure the struggling U.S. bank, AP reported.
Sumitomo Mitsui Financial Group Inc. will acquire Nikko
Cordial Securities Inc. and some parts of Nikko Citigroup's
Japan operations for about 545 billion yen ($5.6 billion),
company officials said.
Details will be announced by executives at a news
conference at a Tokyo hotel later in the day, they said.
The deal, to be completed between October and December this
year, also includes a cash transfer related to assets of
the brokerage totaling some 21 billion yen, they said.
The much-expected move, which also includes the purchase
of most of Nikko Citigroup's securities operations, is part
of the ailing U.S. bank's global restructuring. Citigroup
has said it is looking into selling its Japan brokerage
operations.
The deal makes Sumitomo Mitsui the first Japanese bank to
buy a top brokerage in Japan.
Two other of Japan's «megabanks» _ Mitsubishi UFJ
Financial Group Inc. and Mizuho Financial Group Inc. _ had
also been wooing Nikko Cordial. But they lost out in the
end.
Nikko Cordial, which Citigroup acquired just a year ago,
is Japan's third-largest brokerage with managed assets of
25 billion yen ($260.4 million) and 111 branches.
Sumitomo Mitsui can hope to expand its brokerage
operations by acquiring Nikko Cordial, which operates in
both individual and corporate sectors in Japan. The
acquisition will allow Sumitomo Mitsui to come close in
size to the nation's industry leader Nomura Holdings.
The acquisition will not include some operations in Nikko
Citigroup's securities business, Nikko Asset Management and
other units, it said, and is an effort to best streamline
the efficiency of Citigroup's overall business.
After reporting a quarterly loss of $8.29 billion,
Citigroup last month reorganized into two entities,
Citicorp and Citi Holdings. The first is focused on
traditional banking around the world, while the second
holds the company's riskier assets and tougher-to-manage
noncore ventures, including Nikko Cordial.
Analysts have said that CEO Vikram Pandit's reorganization
allows Citigroup to sell or spin off the Citi Holdings
assets to raise cash.
Citigroup has already begun scaling back its presence in
Japan to cope with the global financial crisis. In
December, it agreed to sell NikkoCiti Trust and Banking
Corp. to Mitsubishi UFJ Trust and Banking Corp. in an
all-cash deal worth 25 billion yen.


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