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Citi to sell Nikko Asset Management
 
  Hedgeweb - THU, JUL 30 2009
News Citi announced that it has reached a definitive agreement to sell its entire ownership interest in Nikko Asset Management, one of Japan??s leading asset management companies, to The Sumitomo Trust and Banking Co., Ltd. as part of a transaction that values Nikko AM at ¥120bn ($1.25bn).

The transaction is expected to close in the fourth quarter of 2009, subject to regulatory approvals and customary closing conditions, and is not expected to have a material impact on Citi??s net income.

??With the previously announced sales of our brokerage and trust banking businesses in Japan, this transaction marks another milestone in the implementation of our Citicorp/Citi Holdings strategy. We remain committed to Japan, where we have proudly served clients for more than a century. We can now shift our focus from reshaping our franchise in this very important market to building our core businesses and better serving clients,? said Citi CEO Vikram Pandit.

Under the terms of the transaction, Citi will sell to Sumitomo Trust its entire 64 per cent beneficial ownership interest in Nikko AM, including the beneficial ownership interest that it holds through Nikko Principal Investments, for all-cash consideration to Citi of ¥75.6bn ($795m), after certain deal-related expenses and adjustments. Sumitomo Trust is also expected to acquire the beneficial ownership interests in Nikko AM held by various minority investors in Nikko AM, bringing Sumitomo Trust??s total ownership stake in Nikko AM to about 98.5 per cent at closing. The remaining 1.5 per cent ownership interest will continue to be held by an employee stock ownership plan maintained on behalf of Nikko AM employees.

 
 
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