US bank Citigroup said on Tuesday it planned to merge brokerage and investment banking units Nikko Cordial and Nikko Citigroup as part of a reorganisation of its operations in Japan.
Citigroup also said it was still preparing for an initial public offering of Nikko Asset Management, but the timing has not been set.
Citigroup completed its acquisition of Nikko Cordial, Japan's third-largest brokerage, earlier this year.
The deal gave it full control of about 100 brokerage outlets and a name well-known to Japanese investors as it aims to tap the country's roughly $13 trillion in household financial assets. (Reuters)
Citigroup to merge two Japan units