COMPANIES 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 and undo one of its most ambitious overseas forays.
People close to the situation said that, after holding informal talks with potential bidders, including Japan’s three largest banks, Citi had begun soliciting formal offers for Nikko Cordial and wanted to select a buyer as early as the end of April.
