COMPANIES Citigroup is selling its Japanese domestic securities business to Sumitomo Mitsui Financial Group in a Y774.5bn ($7.8bn) deal that gives the US bank a vital capital boost and alters Japan’s financial sector significantly.
SMFG, Japan’s third largest bank, is paying Y545bn for Citi’s Japanese securities business – mainly the brokerage Nikko Cordial Securities – and a further Y28.5bn for Japanese-listed securities held by Citi.
