Citigroup selling Nikko Cordial unit for $7.9 bln

A

ASusilovic

Citi said Friday that it is selling its Japanese domestic securities business, conducted principally through Nikko Cordial Securities Inc. to Sumitomo Mitsui Banking Corp. in a deal worth around 774.5 billion yen ($7.9 billion). Citi said the deal is expected to generate around $2.5 billion of tangible common equity and that it will recognize an after-tax loss of around $200 million. On a pro forma basis, the deal would have lifted the bank's March 31 Tier 1 capital ratio by around 0.27 percentage points. The deal is expected to close in the fourth quarter of 2009.

http://www.marketwatch.com/news/sto...x?guid={A2546F01-D8D7-45AA-9D75-FDA31AB891A2}

Does it mean Citi shares will raise today 0.27 % ?:confused:
 
Quote from ASusilovic:
....an after-tax loss of around $200 million.
More...
1) Nikko Cordial Securities is staffed with "nice guys".
2) The Nikko Asshole Securities subsidiary will be impossible to sell off. :cool:
 
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