Citi sells entire stake in Japan's Nikko
CITIGROUP Inc said yesterday it is selling its entire majority stake in a Japanese asset management company to The Sumitomo Trust and Banking Co Ltd for US$795 million.
The move to sell the 64 percent stake in Nikko Asset Management is part of a bigger plan to reduce holdings in Japan and restructure the struggling United States bank.
The deal values the Japanese asset manager at 120 billion yen (US$1.26 billion).
Sumitomo Trust is also expected to acquire beneficial ownership interests in Nikko Asset Management held by some minority investors, increasing Sumitomo Trust's total stake in Nikko to about 98.5 percent. The remaining 1.5 percent ownership interest will continue to be held by an employee stock ownership plan.
Citi has announced previously it is selling its brokerage and trust banking business in Japan.
Citi CEO Vikram Pandit said the moves allow it to focus on its core banking business in Japan.
Citi has been among the hardest hit by the credit crisis and ongoing recession.
The move to sell the 64 percent stake in Nikko Asset Management is part of a bigger plan to reduce holdings in Japan and restructure the struggling United States bank.
The deal values the Japanese asset manager at 120 billion yen (US$1.26 billion).
Sumitomo Trust is also expected to acquire beneficial ownership interests in Nikko Asset Management held by some minority investors, increasing Sumitomo Trust's total stake in Nikko to about 98.5 percent. The remaining 1.5 percent ownership interest will continue to be held by an employee stock ownership plan.
Citi has announced previously it is selling its brokerage and trust banking business in Japan.
Citi CEO Vikram Pandit said the moves allow it to focus on its core banking business in Japan.
Citi has been among the hardest hit by the credit crisis and ongoing recession.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.