Thursday, September 23, 2010

Citigroup (NYSE:C) Selling Shares in Monex

In its ongoing strategy of divesting of its Japanese assets, Citigroup (NYSE:C) will sell its shares in Monex Group Inc.

The sell of the 503,250 shares will reduce the stake of Citigroup in Monex from 20.6 percent to 3.6 percent, according to a Monex statement.

Citi did say they'll continue to look for retail opportunities with Monex as it continues to exit the brokerage business.

The price of the shares will be determined by Monex sometime from October 4 to October 7

Chief Executive Officer Vikram Pandit said in 2009 after writedown and credit losses of over $100 billion, that they were going to focus on banking going forward, rather than the investment banking side.

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