Citigroup, Inc (NYSE: C) will sell the majority of its stake in Japanese brokerage Money Group Inc as part of its ongoing strategy to divest itself of non-core assets.
The New York-based bank is expected to sell 503,250 shares in Monex to the public in Japan, Asia and European markets, cutting its stake from 20.6% to 3.6%, according to a statement made by Monex in the Tokyo Stock Exchange.
Citigroup, Inc (NYSE: C) recently sold brokerage Nikko Cordial Securities Inc and a share of its stake in Sumitomo Mitsui Financial Group Inc. for about $6.4 billion in 2009.
Monex will decide on the price sometime between October 4th and October 7th. Citigroup spokeswoman Atsuko Yoshitsugu told the press that the company will seek “new opportunities to collaborate in the retail financial services” with Monex.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded down 1.25% during mid-day trading on Tuesday.
