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Citigroup may list Japan unit in July: magazine

TOKYO (Reuters) - Citigroup C.N is likely to list its Japan banking unit on the Tokyo Stock Exchange as early as July, an online Japanese magazine said on Friday.

People walk past a branch of Citibank in Tokyo April 27, 2007. Citigroup is likely to list its Japan banking unit on the Tokyo Stock Exchange as early as July, an online Japanese magazine said on Friday. REUTERS/Kiyoshi Ota

The U.S. financial conglomerate is likely to list Citibank Japan, its retail and corporate banking unit, on the Tokyo exchange through an initial public offering, online magazine Facta said in an article dated Friday.

Facta is a relatively new online financial publication.

A spokeswoman for Citigroup in Japan, Atsuko Yoshitsugu, declined to comment on the article.

A spokeswoman for the Tokyo exchange did not comment on whether or not Citigroup was planning an IPO on the bourse.

In February the Nikkei business daily said the firm was planning to list depository receipts on the Tokyo exchange.

“Citigroup is committed to Japan for the long term and has been reviewing its business strategies which could include listing Citigroup on the TSE,” the firm said in a statement in February.

According to the magazine, Citigroup would not list its depository receipts, but would carry out an IPO of the unit.

The financial firm has been expanding its presence in the world’s second-largest economy.

Earlier this year it announced plans to set up a Japanese holding company and double its retail branch network.

It also cemented its largest ever Asian acquisition, a $7.7 billion buyout offer for brokerage Nikko Cordial Corp. 8603.T

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