The Nomura Trust and Banking, a wholly-owned subsidiary of Nomura Holdings, has completed the acquisition of NikkoCiti Trust and Banking for an all-cash consideration of yen19 billion.
Reportedly, under the new management, NikkoCiti Trust and Banking will continue to focus on its traditional strengths of providing fiduciary and trustee services to investment trust management companies. Nomura is aiming to merge NikkoCiti Trust and Banking with Nomura Trust and Banking in 2010.
However, the transaction is subject to certain purchase price adjustments to occur post-closing.
NikkoCiti Trust and Banking had capital of yen 20 billion yen as of March 31, 2009. Total trust assets stood at around 4.5 trillion yen at the end of March.
Nomura Trust and Banking provides trust and banking services as a key Nomura Group company.
