smfg-set-to-buy-part-of-nikko-citi-for-52-billion

SMFG set to buy part of Nikko Citi for $5.2 billion

As the long-awaited sale looks to happen, some observers are surprised by the absence of Mizuho.

Sumitomo Mitsui Financial Group SMFG, Japan's second biggest bank by market value, is about to acquire Citi's wholesale and retail securities arms in Japan for $5.2 billion, according to several sources quoted on the wire services and in the Nikkei group of media organs on Tuesday and Wednesday.

Nikko Citigroup, the wholesale arm, is 49%-owned by Citigroup Global Markets itself 100%-owned by Citigroup, USA and 51%-owned by Nikko Citi Holdings. Nikko Cordial Securities, the retail brokerage, is 100%-owned by Nikko Citi Holdings.

The Japanese arm of the US bank was thrown open to Japanese bids as part of an effort by Citi to shed...

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