Citigroup Isn't Done Divesting Yet

Despite the need to capital raise itself, Mitsubishi UFJ Financial Group (MUFJ) entered into an agreement on December 16 to purchase Citigroup's Japanese trust banking unit, NikkoCiti Trust & Banking. In a deal that is expected to be completed at the start of April next year, MUFJ agreed to pay JPY25bn (US$277mn) in cash for the unit. Nikko employs some 140 people in Japan and posted a profit of JPY152mn for the six months ended September 30, down from JPY495mn the previous year.

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