Citigroup to sell investment firm in Japan


Citigroup Inc will speed up the unloading of its non-core assets in Japan by selling an investment firm for ¥15 billion ($143 million), the Japanese media reported on Wednesday.

Citi’s core banking unit in Japan, Nikko Citi Holdings, will sell about a 60% stake in Nikko antfactory KK to Norinchukin Bank and Mitsubishi Corp as early as August, according to reports. Nikko Citi will keep a stake of nearly 10%.

Reports added that Citigroup, which has suffered more than $45 billion in writedowns and credit losses since last summer, has sold ¥500 billion worth of securitized products to Norinchukin Bank, the main bank for Japan’s agriculture and fishery cooperatives. Spokespeople for Nikko Citi, Norinchukin and Mitsubishi all declined to comment.

Citigroup has almost 30 different units in Japan including the holding company, ranging from asset management and venture capital to real estate and information services. Citigroup has said it planned to focus its resources in areas with better opportunities for growth, and it in June announced its retreat from Japan’s troubled money lending industry. (Reuters)


Freight Volume Falls 5% in Q3 Figures

Freight Volume Falls 5% in Q3

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

MOL Campus Inaugurated Office Market

MOL Campus Inaugurated

24th FIABCI Hungarian Prix d’Excellence Held Awards

24th FIABCI Hungarian Prix d’Excellence Held


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.