Citigroup sells one more division in Japan
3 January 2009Corporation Citigroup is to sell its not American actives. In the beginning of December it has sold German subdivision Citibank Privatkunden AG&Co to French group Credit Mutuel-CIC for $6,6 billion, and now has decided to sell a part of the business in Japan. It is a question of company NikkoCiti Trust and Banking Corp., focused on confidential management of actives. On official data, as the buyer one of the largest world financial groups - Mitsubishi UFJ Financial Group Inc., which has offered 25 billion yens ($277 million) for NikkoCiti , acts. It is expected, that the transaction will be finished till April, 1st. We shall remind, about intention to sell NikkoCiti Trust and Banking Corp. Then, besides Mitsubishi UFJ, market participants named banks Sumitomo and Mizuhoamong among possible applicants for purchase. Experts estimated NikkoCiti in $100 - 420 million.
Citi sells a part of the Japanese battalion in the context of program of optimization of the structure and reduction of operational charges, which have already led to dismissal 50 thousand employees of the company. As top-management expects, the cumulative income of realization of this package of actions will make about $10 billion.
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- Japanese banks become more active
- World’s largest country-creditor
- UBS faces great losses
