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UPDATE 1-Citigroup says 'core' Japan units not for sale

2008-12-03 04:17:36 GMT (Reuters)
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(Adds spokesman's comment, details)

TOKYO, Dec 3 (Reuters) - Citigroup Inc said it has no plans to sell its brokerage and investment banking units in Japan, responding to speculation they could be unloaded as part of a global asset sale by the struggling U.S. bank.

It has no plans to sell broker Nikko Cordial Securities, investment bank Nikko Citigroup Ltd or other "core businesses in Japan", Citigroup's holding company in Japan said in a statement.

"Citigroup has exceptional businesses in Japan and our focus remains on delivering a universal bank model to our customers," Douglas Peterson, chief executive of Nikko Citi Holdings, said in the statement, dated Tuesday.

Citigroup did not mention trust bank unit NikkoCiti Trust and Banking Corp, which Japanese media have said would be sold in a deal that could raise up to 40 billion yen.

A spokesman for Nikko Citigroup declined to comment on Wednesday whether or not it was considering selling the unit.

Citigroup last year embarked on an aggressive push to expand in Japan, buying up Nikko Cordial, but has since been hit by heavy losses from the global credit crisis.

Japanese media have said the firm will delay the merger of its brokerage and investment bank units due to the cost of integrating them.

In October it sold most of its stake in an investment unit, Nikko Antfactory, to Japanese lender Norinchukin Bank and trading firm Mitsubishi Corp.

The company has all but closed its consumer lending business in Japan, shutting down more than 30 outlets and 540 unmanned branches.

Citigroup shares in Tokyo were up 5 percent at 678 yen in early afternoon trade. (Reporting by Nathan Layne and David Dolan; Editing by Michael Watson)

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