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Citi to Sell Nikko Cordial Securities to Sumitomo Mitsui Banking Corporation and to Forge Alliance with Sumitomo Mitsui Financial Group.

Publication: Business Wire
Publication Date: 01-MAY-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Citi (NYSE: C) today announced that it has reached a definitive agreement to sell its Japanese domestic securities business, conducted principally through Nikko Cordial Securities Inc., to Sumitomo Mitsui Banking Corporation (hereafter SMBC) in a transaction with a total cash value to Citi of [yen]774.5 billion (US$7.9 billion at an exchange rate of [yen]97.75 to US$1.00). The cash value is comprised of the purchase price for the transferred business of [yen]545 billion, the estimated purchase price for certain Japanese-listed equity securities held by Citi of [yen]28.5 billion, and [yen]201 billion of cash derived either through the retention of excess cash in Nikko Cordial Securities or...

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