Citigroup Continues To Sell Assets
April 13, 2009 by Tisa Silver
Filed under Finance
This afternoon, shares of Citigroup (Ticker: C) traded as much as 17 percent higher after news broke that the company is selling Nikko Citigroup Ltd.
Photo by eflon, courtesy of flickr
According to MarketWatch, Citigroup already had plans to sell Nikko Asset Management and Nikko Cordial Securities.
Nikko Cordial is the retail brokerage group. Nikko Citigroup is Japan’s investment banking unit.
According to Reuters, the deal for all three could reach $8 billion. We all know Citi could use the extra cash. The bank owes at least $45 billion in government loans.
The stock’s gains will be tested later this week when Citigroup reports first quarter earnings.
The news was originally reported by Kyodo News and reps for Citi had no comment.
