Citigroup Committed Unit Nikko Cordial Japan

Citigroup Inc. said it is “committed” to its Japanese brokerage unit Nikko Cordial Securities Inc.

Citigroup said Monday it remains committed to its Japanese brokerage and asset management units, denying media reports that the U.S. bank actively seeks to close a large part of the Japanese business. Citigroup "remains committed to maximizing the value of Nikko warmheartedly the next few years," New York-based bank said in an email statement.

Citigroup, which reported a $ 8.3 billion quarterly loss on Friday, said it plans to split into two units and shed under performing assets. Citigroup plans to keep Nikko cordial, purchased a year ago, in at least 12 months, to company officials familiar with the matter said, declining to be identified.

Both the Japanese brokerage, Nikko Securities and investment warmheartedly firm Nikko Asset Management will be gathered in a group of "non-core activities," the bank said. Financial shares have plunged since Citigroup ready to buy Nikko warmly for around 1.6 trillion yen, slashing the price the U.S. bank would get in a sale. Read More Information Click Here