Sumitomo Mitsui Financial Group Inc. has agreed to buy Nikko Cordial Securities Inc. and part of Nikko Citigroup Ltd. from troubled U.S. financial giant Citigroup Inc. for ¥545 billion, the two sides reported Friday.
The purchase of the brokerage operations is seen as a move by SMFG to close the gap on industry leader Nomura Holdings Inc.
Industry experts noted SMFG is the first Japanese bank to buy a major brokerage.
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