Citigroup to list on Tokyo Stock Exchange

12 July 2007

Citigroup is to list its shares on the Tokyo Stock Exchange (TSE) as part of its drive to expand its interests in the world's second largest economy, it has been reported.

Atsuko Yoshigitsu, spokesperson for Citigroup, said the US banking giant will embark on the sale as soon it as granted permission to do so by TSE.

Such a move would enable Citigroup to make acquisitions in Japan much more easily than had previously been the case.

The bank initially announced it was mulling listing in February, when it ruled out depositary receipts - thus suggesting the listing will take the form of an initial public offering.

Meanwhile, Mr Yoshigitsu also told Reuters that Citigroup's expansion plan includes increasing the number of outlets in its branch network to around 200.

Including 32 Citibank outlets, Citigroup currently has 140 branches throughout Japan.

News of the company's intentions follows its acquisition of scandal-hit Japanese brokerage Nikko Cordial, which represented the largest ever acquisition by a foreign company in Japan.

Meanwhile, it also recently reincorporated its bank as a local entity.

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