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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SMFG to buy chunk of Citigroup in Japan for $5.5 bln AFP - 1 hour 55 minutes ago TOKYO (AFP) - - Sumitomo Mitsui Financial Group (SMFG) said Friday it had agreed to buy Citigroup's Japanese brokerage arm as part of a 545 billion yen (5.5 billion dollars) deal with the troubled Wall Street giant. ADVERTISEMENT The purchase of Nikko Cordial Securities and part of the investment bank Nikko Citigroup is the latest example of a Japanese lender swooping on a wounded US rival to expand its operations during the global financial crisis. Citigroup, which lost 18.7 billion dollars in 2008 and is being propped up by US government aid, has been looking for buyers of its non-core businesses as part of a strategy to survive the financial crisis. The deal with Sumitomo Mitsui "has the potential to reshape the financial services sector in Japan," said Douglas Peterson, who oversees Citigroup's brokerage and investment banking operations in Japan. Japanese banks and securities firms are facing a difficult outlook because of a shrinking population and a deep recession in the world's second largest economy. SMFG's acquisition of Nikko Cordial "will be the first major realignment of Japan's financial services sector brought on by the financial crisis," said Neil Katkov, head of Asia research at the Celent consultancy firm. The deal makes sense for Sumitomo, which has the weakest retail securities presence of Japan's three megabanks, he said. SMFG reportedly outbid larger rivals Mitsubishi UFJ Financial and Mizuho Financial in an auction of the assets. It said it would form a business alliance with Citigroup, which will provide the Japanese lender with access to its global banking networks. "We want to boost our ability to grow further by integrating Nikko Cordial Securities' high-quality customer services and our commercial bank's stability to create a new financial conglomerate," said SMFG president Teisuke Kitayama. Japanese banks, less severely affected by the subprime loan crisis than many of their peers in North America and Europe, have seized the opportunity to buy a slice of struggling Wall Street giants. Mitsubishi UFJ bought a 21 percent stake in Morgan Stanley while leading securities firm Nomura snapped up large parts of failed Wall Street bank Lehman Brothers. But Japanese lenders have not been immune to the financial turmoil. SMFG last month said it expected a net loss of 390 billion yen (3.9 billion dollars) for the year to March due to the economic crisis. Japan's biggest bank Mitsubishi UFJ Financial Group said Friday it suffered an estimated net loss of 260 billion yen in the year to March. Citigroup took a controlling stake in Nikko Cordial in 2007 for 7.7 billion dollars as its Japanese partner reeled from a fraud scandal. It paid an additional 4.8 billion dollars last year to acquire full ownership of the firm. That deal marked a renewed expansion by Citigroup in Japan after a difficult few years here with a series of retreats. Citigroup bet that it could succeed where rivals such as Merrill Lynch had failed with a massive expansion in Asia's biggest economy, which at the time was finally emerging from a slump stretching back more than a decade. But the current economic crisis has forced Citigroup to scale down its global ambitions, including in Japan, which has proven again to be a huge but difficult market for US banks to crack. Citigroup last year announced it would close down its remaining consumer lending outlets in Japan and sell its Tokyo headquarters to rival Morgan Stanley. It still has a network of retail banks in Japan. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Washington Post Co. reports loss, ad plungeAP - 1 hour 50 minutes ago SMFG to buy chunk of Citigroup in Japan for $5.5 blnAFP - 2 hours 1 minute ago Stocks fall ahead of manufacturing dataAP - 2 hours 2 minutes ago Stock futures rise on economic hopesReuters - Saturday, May 2 Chevron profit slides on weak oilReuters - 2 hours 36 minutes ago Enlarge Photo SMFG to buy chunk of Citigroup in Japan for $5.5 bln Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Kenyan women to sex-starve men -- for politics Chrysler files for bankruptcy, Fiat develop plan Britney's ex-manager forced to stay away from star Israel deems 'swine flu' kosher after all Swine flu spreads economic shivers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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