Citigroup is listing on the Tokyo Stock Exchange and taking full control of Nikko Cordial, Japan’s third-largest broker, by acquiring through a share swap the shares it does not already own.

The US bank, which owns about 68 per cent of Nikko Cordial, will exchange its own shares with an expected value of Y1,700 for each Nikko Cordial share and buy out minority shareholders, at a cost of Y530bn ($4.6bn).