Nomura Holdings Inc., Japan's largest brokerage, said Wednesday it agreed to acquire Citigroup Inc.'s local trust banking unit for ¥19 billion to boost its asset administration business.
Nomura Trust and Banking Co. will buy all shares in NikkoCiti Trust and Banking Corp. around October after receiving regulatory approval, Nomura said in a statement filed with the Tokyo Stock Exchange.
Citigroup is dismantling its Japanese operations after a $45 billion U.S. government rescue, giving local firms an opportunity to bulk up in businesses where they've lagged behind.