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Citigroup Is Keeping a Japan Unit, Nikko Cordial
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Citigroup will keep Nikko Cordial, Japan's third largest brokerage firm, for which it paid 1.6 trillion yen or $17.95 billion in 2008 before the global financial crisis. The hope is that it will be worth a lot more in future years as Japanese households with $15 trillion in assets mostly in cash buy more financial products from Nikko. Today only 10% of Japanese assets are invested in stocks and other similiar financial assets, compared to 30% in the USA. Citigroup is also keeping the retail banking business of Grupo Financiero Banamex in Mexico as part of its overseas expansion strategy.
Citigroup's Nikko unit
01/15/2009
Grouped Articles
Citigroup Is Keeping a Japan Unit, Nikko Cordial
Wall Street Journal 01/15/2009
Wall Street Journal 01/20/2009
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