Citigroup is poised to sell NikkoCiti Trust and Banking Corporation, its trust bank in Japan, as part of a global move to raise badly needed funds through asset disposals and restructuring measures.
The US bank, which is expected to start receiving bids for its trust bank business this week, could raise an estimated Y40bn ($419m) through the sale, Japanese media reported.
The sale comes as Citigroup faces intense pressure to cut costs after issuing preference shares to the US government to raise much-needed capital.
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