1. Citigroup Inc. acquired 61 percent of Nikko Cordial Corp., Japan's third-biggest brokerage, for $7.7 billion to gain more than 100 branches in Japan, adding to acquisitions in China and Taiwan over the past six months.
2. Citigroup must raise its stake to two-thirds to be able to merge or sell units without the consent of other shareholders.
3. The takeover will also enable it to expand investment banking operations in Japan through its joint venture with Nikko, as well as offer services such as wealth management to Nikko's customers, which have a combined 40 trillion yen of assets.
4. Citigroup plans to set up a financial holding company in Japan by July.
5. It wants to generate 60 percent of profit overseas, up from 45 percent last year.
It is hard to imagine but the universe they say keeps expanding. Within infinity or beyond? What about Citigroup?
[Click here for full story at: BLOOMBERG.COM]
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