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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Citigroup says committed to Japanese units AFP - 1 hour 27 minutes ago TOKYO (AFP) - - Citigroup said Monday it was "committed" to its Japanese brokerage and asset management businesses, following reports they are up for sale as the troubled US financial giant splits in two. "With respect to our brokerage and asset management businesses in Japan... Citi remains committed to maximising the companies' value over the next few years," the group said in a statement. Media reports said the group was looking to sell either one of, or both, Nikko Cordial Securities and Nikko Asset Management as it offloads non-core assets in an effort to return to profitability. The Wall Street Journal reported citing unnamed sources that Citigroup decided to sell off Nikko Cordial after they agreed that the brokerage arm did not fit into the group's plans. Citigroup said on Friday that it would split into two businesses as it reported a 8.29 billion dollar loss in the fourth quarter. The US group last week identified the two Japanese units as non-core assets that "do not sufficiently enhance the capabilities of Citi's core business, and in many ways compete for its resources." A Japanese newspaper reported last week that Japan's largest financial group Mitsubishi UFJ Financial Group was looking at buying the two units. Nikko Cordial Securities was not included in a deal announced last week between Citigroup and Morgan Stanley to merge their worldwide brokerage operations, a deal giving Citi 2.7 billion dollars in much-needed cash. Citigroup took a controlling stake in Nikko Cordial in 2007 as its partner reeled from a Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Singapore's K-REIT announces S$1 bln medium-term noteReuters - 41 minutes ago Oil prices drop as weak demand bitesAFP - 48 minutes ago Indian swaps steady; traders seek rate cuesReuters - 51 minutes ago Russia's Wimm-Bill-Dann secures credit lineReuters - 52 minutes ago China's Baosteel raises March prices after Feb hikeReuters - 1 hour 2 minutes ago Most Popular – Business Viewed 'Overwhelming emotion' at star-studded inaugural concert Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Faulty gene condemns millions in India to heart disease: study Hamas announces one-week truce after Israel ceasefire View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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