Five Firms In Fray For Citigroup’ Nikko Unit Bidding

Published: 16-Jun-2009

Citigroup wants to sell its Japanese Asset Management Unit as part of its efforts to rebuild the organization.

Mizuho Financial Group, Nomura Holdings, Sumitomo Mitsui Financial Group (SMFG), Sumitomo Trust & Banking, and T&D Holdings have reached the second round of bidding for Citigroup’s Japanese fund management division, Nikko Asset Management, reported Nikkei English News.

Nikko Asset Management, with over 9 trillion yen in assets under management, is estimated to witness a steady growth in its business during this year. As a result, several companies are interested in buying and are offering more than 100 billion yen for it, the paper reported.

SMFG, Japan's third-biggest bank, had decided to purchase Citi's Japanese broker and key investment banking units for close to $6 billion, only last month. However, the deal did not include Nikko Asset Management.

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