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’Japan’s ever-consolidating financial sector
Another milestone in the rapid consolidation of Japan’s financial sector came on Thursday, with the completion of Citigroup’s sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group,
Citi sells Nikko Cordial to SMFG
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,
‘You only live twice’ (in Japan): The Citi version
Citigroup, or rather, its Japan subsidiary Citibank Japan, has gained the dubious distinction of being censured twice by Japan’s financial watchdog for what appear to be similar misdemeanours.
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Crucial boost for Citi in Nikko sale
Citigroup will receive a $2.5bn boost from the imminent sale of its Japanese brokerage Nikko Cordial, which could strengthen its hand in talks with the US government over its capital needs. Bankers said the sale of the unit to Japan’s SMFG,
Playing chicken with Citi’s Nikko Cordial
Citigroup’s latest moves, to sell off its Nikko Cordial brokerage business in Japan, has triggered speculation about the likely buyer of Japan’s third-biggest broker – not least because Japan’s big banks,
Citi seeks Nikko Cordial bids
Citigroup is inviting bids for Nikko Cordial, Japan’s third-largest brokerage, in a move that could raise more than $5bn for the troubled US bank. After informal talks with potential bidders, including Japan’s three largest banks,
Mizuho eyes Citi Japan units
Mizuho Financial Group, Japan’s second-largest bank, said it may consider buying Citigroup’s local brokerage and asset-management units, reports Bloomberg. Yasuhiro Sato, who will become CEO of Mizuho’s corporate banking unit on April 1,
The strange case of Citi’s Nikko Cordial operations
Among many other murky developments on Monday came the contradictory stories about the fate of Citigroup’s Japanese retail brokerage operations, Nikko Cordial Securities, formed just a year ago after a long and costly negotiation with Nikko Securities.
Citi denies reports of Japanese brokerage sale
Citigroup on Monday said it is “committed” to its Japanese brokerage unit Nikko Cordial Securities, rebuffing that the division is up for sale as Citi splits in two to rebuild capital, reports Bloomberg.
Citi to cut 1,000 jobs at Nikko Cordial
Citigroup, which is eliminating 52,000 jobs worldwide, will shed about 1,000 workers at its retail brokerage unit in Japan, reports Bloomberg. The workers at Nikko Cordial Securities, which employs about 7,000 people,
Citi to merge Japan operations with Nikko
Citigroup said it will streamline its securities and banking operations in Japan, as it tries to secure a leading position in the country’s financial-services industry following its acquisition in January of Nikko Cordial,
Citi pays $4.6bn for Nikko Cordial
Citigroup is listing on the Tokyo Stock Exchange and taking full control of Nikko Cordial, Japan’s third largest broker, acquiring the shares it does not already own through a share exchange. Citi, which owns about 68% of Nikko Cordial,
Citigroup chiefs fear push for break-up
Senior Citigroup executives fear the world’s biggest financial services company could become the target of activist hedge funds that would press for its break-up, the FT reports. The executives believe Citigroup must step up its investor relations and explain better to shareholders the value of keeping its businesses together.
Citigroup seals $13.4bn takeover of Nikko
Citigroup on Thursday clinched the largest foreign takeover of a Japanese company with the success of its $13.4bn tender offer for Nikko Cordial. The US financial services company announced that, including the 4.9 per cent it already owned,
Investors reject Citigroup’s $13.4bn bid for Nikko Cordial
The largest shareholder in Nikko Cordial has rejected Citigroup’s increased $13.4bn bid for Japan’s third largest broker. Harris Associates, the Chicago-based manager that owns 7.5 per cent of Nikko, said Citigroup’s offer of Y1,700 a share was still too low and Nikko Cordial was worth at least Y2,000.
Citi’s limits – why a higher bid for Nikko Cordial is a bad idea
Citigroup’s move to raise its bid for Nikko Cordial, one of Japan’s biggest brokers, by 26 per cent to about $13.5bn appears ill-advised, comments Lex. For the 95 per cent of Nikko‘s shares it does not already own,
Citigroup raises Nikko Cordial takeover offer to $13.4bn
Citigroup raised its takeover offer for Nikko Cordial, the Japanese brokerage, by 26 per cent to $13.4bn on Tuesday, a move that analysts in Tokyo said reflected Citigroup’s determination to expand its Japanese operations.
Citigroup to reveal agreement with Nikko
Citigroup would have effective control over Nikko Cordial’s core business even if it failed to win shareholder support for its $11bn bid for the Japanese broker, the tender offer document will show this week.
Nikko investor rejects Citigroup offer
Nikko Cordial’s largest shareholder on Wednesday rejected Citigroup’s $11bn takeover offer for the Japanese broker, saying it was too low. “In our view, the long-term value of Nikko Cordial is in excess of Y2,000bn [$17.2bn],”
Herro dismisses Citigroup offer for Nikko
David Herro, the famously interventionist investor, is holding out against Citigroup’s proposed takeover of Niiko Cordial. Harris Associates, where Herro is chief investment officer, has dismissed the American bank’s $10.8bn offer for Japan’s third-largest brokerage — worth $11.60 per share — as too low,
Citigroup launches $11bn bid for Nikko
Citigroup on Tuesday unveiled a Y1,253bn offer to take control of Nikko Cordial, one of the three brokers that dominate the Japanese stock market, in what would be the largest foreign takeover of a Japanese company.
Citigroup pursues control of Nikko Cordial
Citigroup is expected to announce Tuesday a tender offer for more than 50% of Nikko Cordial, reports the Wall Street Journal. The deal, estimated at $5bn, would be the biggest acquisition of a Japanese brokerage company by a foreign company.
Citigroup eyes Nikko Cordial
Shares in Nikko Cordial opened up 16.5 per cent on Monday following news that Citigroup was in discussions to take control of Japan’s third-largest broker, which has recently been hit by an accounting scandal.
Profits scandal deepens at Nikko Cordial
An accounting scandal at Nikko Cordial, Japan’s third-largest broker, deepened on Thursday after the company admitted it had booked more than twice the amount previously disclosed in inappropriate profits as it revised financial statements for a second time.