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The Nomura Holdings Inc. (TSE:8604) unit aims to purchase all of NikkoCiti's shares by October.
NikkoCiti held about 4.5 trillion yen in assets in trust at the end of March, including around 3.6 trillion yen in mutual fund assets. Nomura Trust is keen to enlarge its fund asset administration business.
Citigroup agreed to bear any liabilities related to the debt claims NikkoCiti acquired from the now-bankrupt SFCG Co.
Citigroup began looking for a buyer for NikkoCiti last December as part of a broader effort to unload noncore operations. Mitsubishi UFJ Trust and Banking Corp. agreed to pay 25 billion yen at one point, but the Mitsubishi UFJ Financial Group Inc. (TSE:8306) unit withdrew the offer in May.
(Nikkei)lm
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