Japan’s Nikko Citi Holdings, a subsidiary of Citigroup, has announced that a definitive agreement has been executed to sell all of the shares of NikkoCiti Trust and Banking Corporation to Nomura Trust & Banking Co.
Nomura Trust will pay an all-cash consideration of $197 million, subject to certain purchase price adjustments, at the closing. The sale is expected to close in the fourth quarter of 2009, pending regulatory approvals and other closing conditions.
Douglas Peterson, CEO of Nikko Citi Holdings, said: This transaction is in line with Citi’s stated global priority to allocate capital and focus its resources on the best growth opportunities. Citi will maintain a strong presence in securities services and transaction services in Japan. We see significant opportunity for these businesses in Japan, which play to Citi’s key strengths.
