Citigroup Inc (C)

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this is GREAT NEWS...imo

Citigroup to Sell Japan Units for 500 Billion Yen, Asahi Says
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By Tak Kumakura

April 17 (Bloomberg) -- Citigroup Inc. will seek to sell its two Japanese brokerage units for 500 billion yen ($5 billion) in an auction on April 20, the Asahi newspaper said, citing an unidentified person familiar with the plan.

The New York-based financial services company will sell major portions of Nikko Citigroup and Nikko Cordial Securities as a package, the report said. Nikko Citigroup’s investment banking division will be excluded from the sale, the Asahi said.

Japan’s three major banks, Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc., may bid for the units, the report said. Citigroup will select the preferred buyer early next month, the Asahi said.

To contact the reporter on this story: Tak Kumakura in Tokyo at [e-mail]

Last Updated: April 16, 2009 17:48 EDT