Citigroup to sell investment firm in Japan -media
TOKYO, July 16 (Reuters) - Citigroup Inc (C.N)(8710.T) will speed up the unloading of its non-core assets in Japan by selling an investment firm for 15 billion yen ($143 million), the Nikkei business daily reported on Wednesday. Citi's core banking unit in Japan, Nikko Citi Holdings, will sell about a 60 percent stake in Nikko antfactory KK to Norinchukin Bank and Mitsubishi Corp (8058.T) as early as August, the paper said. Nikko Citi will keep a stake of nearly 10 percent, it added.
The Asahi daily reported that Citigroup, which has suffered more than $45 billion in writedowns and credit losses since last summer, has sold 500 billion yen worth of securitised products to Norinchukin Bank, the main bank for Japan's agriculture and fishery cooperatives.
Spokespeople for Nikko Citi, Norinchukin and Mitsubishi all declined to comment.
Citigroup has almost 30 different units in Japan including the holding company, ranging from asset management and venture capital to real estate and information services.
Citigroup has said it planned to focus its resources in areas with better opportunities for growth, and it in June announced its retreat from Japan's troubled moneylending industry. ($1=104.62 Yen) (Reporting by Sachi Izumi; Editing by Hugh Lawson)
