Citigroup said it would make Japanese brokerage Nikko Cordial a wholly owned unit in a $4.6 billion share swap after the U.S. banking giant lists its shares in Tokyo.
Citigroup spent about $8 billion to acquire a 68% stake in Nikko Cordial, Japan's third-largest securities firm, earlier this year. It was Citigroup's biggest-ever Asian acquisition and signalled its aim to make a big push in Japan.