Citi Signs Definitive Agreement to Sell NikkoCiti Trust and Banking Corporation
Tokyo - July 1, 2009 – Nikko Citi Holdings Inc. ("Nikko Citi Holdings") announced today that a definitive agreement has been executed to sell all of the shares of NikkoCiti Trust and Banking Corporation ("NikkoCiti Trust") to Nomura Trust & Banking Co. Ltd. ("Nomura Trust"). Nomura Trust will pay an all-cash consideration of 19 billion yen (US$197.1 million at an exchange rate of 96.42 yen to US$1.00), subject to certain purchase price adjustments, at the closing. The sale is expected to close in the fourth quarter of 2009, pending regulatory approvals and other closing conditions.
"This transaction is in line with Citi's stated global priority to allocate capital and focus its resources on the best growth opportunities. Citi will maintain a strong presence in securities services and transaction services in Japan. We see significant opportunity for these businesses in Japan, which play to Citi's key strengths." said Nikko Citi Holdings CEO Douglas Peterson.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citi's filings with the U.S. Securities and Exchange Commission.
NikkoCiti Trust and Banking Corporation
NikkoCiti Trust and Banking Corporation ("NikkoCiti Trust") is a Citigroup subsidiary Established in August 1993 as Nikko Trust Banking Corporation, it changed its name to NikkoCiti Trust and Banking Corporation in 2001, following the transfer of 50% of its shares from Nikko Securities to Citigroup. NikkoCiti Trust is based in Tokyo Japan. NikkoCiti Trust is a trust banking vehicle that provides fiduciary / trustee services to Investment Trust Management Companies.