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July 31, 2009

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Home » Business » Finance

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.


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