Nikko Citi Holdings Inc. Becomes Citi’s Principal Holding Company in Japan
Tokyo – Citi today announced that it had successfully completed the previously announced merger of Nikko Cordial Corporation into Citigroup Japan Holdings Ltd., with the surviving entity known as Nikko Citi Holdings Inc.
Nikko Citi Holdings, which will continue to be a direct 100%-owned subsidiary of Citigroup Inc., will be Citi’s principal holding company in Japan, with responsibility for establishing group-wide strategies, for overseeing and coordinating the activities of Nikko Citi Holdings’ direct and indirect operating subsidiaries, and for ensuring a solid foundation of governance, compliance, controls and risk management for the combined group.
Citi’s new group structure in Japan, which is expected to be implemented in phases over the next 18-24 months and which remains subject to receipt of approvals from relevant authorities, is intended to enable group-wide management of Citi’s securities, banking and related businesses in Japan on a unified basis. It is also intended to facilitate and accelerate the integration of Citi’s and Nikko’s business platforms in retail and institutional securities and the reorganization of Citi’s and Nikko’s operational, technology infrastructure and administrative support platforms.
“This is a significant milestone for Citi in Japan. It represents the first big step in the integration of Citi and Nikko since the completion of the share exchange on January 29th this year. The entire integration program, which brings together the complementary capabilities of Citi and Nikko, will bring us closer to our goal of creating the leading comprehensive banking and securities group in Japan.” said Douglas L. Peterson, Chairman, Representative Director, President & CEO of Nikko Citi Holdings Inc.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.