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Citigroup to list on Tokyo Stock Exchange: Nikkei

By Staff
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Google Oneindia News

Tokyo, Feb 18: Citigroup Inc., the largest U.S. bank, plans tolist on the Tokyo Stock Exchange later this year, a move that couldmake it easier to buy Japanese firms through stock swaps, the NihonKeizai (Nikkei) business daily reported on Sunday.

Quoting an unnamed Citigroup executive in New York, Nikkei saidthe U.S. lender had already started preparations for the listing it sawas indispensable for carrying out its expansion plans in Japan.

Citigroup was expected to list its depository receipts (DRs) on the Tokyo Stock Exchange later this year, Nikkei said.

If Citigroup lists its DRs in Tokyo, investors in Japan will beable to indirectly buy and sell the firm's shares in the form of JDRs,Nikkei said.

Citigroup officials were not immediately available for comment.

The U.S. financial conglomerate fuelled speculation about apossible buyout of Nikko Cordial Corp. last month when it said it wouldestablish a Japanese holding company, a move that would makeacquisitions easier.

The Tokyo Stock Exchange is considering whether to delist Nikko,Japan's third-largest brokerage, over an accounting scandal. Citigroupowns about 5 percent of Nikko.


Reuters>

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