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Nomura Trust banks on success

NOMURA Trust and Banking Co is acquiring NikkoCiti Trust and Banking Corp from Citigroup Inc for 19 billion yen (US$196 million) as the American financial group scales back its Japan business.

The sale of the trust bank, a financial institution that combines banking and the functions of a trust company, is part of Citigroup's efforts to cope with the global financial crisis. The deal was expected to close about October, pending regulatory approval and other conditions, Nomura said yesterday.

Mitsubishi UFJ Trust and Banking Corp agreed last December to buy NikkoCiti Trust for 25 billion yen but pulled out in May, prompting Citigroup to look for a new buyer.

In May, Japan's No. 3 bank Sumitomo Mitsui Financial Group said it would take over Citigroup's Japan brokerage businesses, the first acquisition in Japan of a leading brokerage by a bank.

Sumitomo Mitsui acquired Nikko Cordial Securities Inc and some parts of Nikko Citigroup's Japan operations for about 545 billion yen.

Nomura Trust expected to expand its business by acquiring NikkoCiti Trust, known for its strength in investment trusts, Kyodo News agency said.


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