Citigroup has completed the sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group, one more step in the US bank’s plans to shed non-core assets, reports Reuters. Citigroup said on Wednesday the sale to SMFG, Japan’s third-largest bank, had a total cash value of $8.7bn. Citi, which plans an alliance with SMFG to gain access to its global corporate banking clients, will book a Q4 immaterial after-tax gain on the sale.

This entry was posted by Gwen Robinson on Thursday, October 1st, 2009 at 4:56 and is filed under Capital markets, M&A. Tagged with citi, nikko cordial, SMFG. Edit this entry.