Reports: Citi to Sell Japan Trust Unit

TOKYO -- Citigroup(C Quote) plans to sell its Japanese trust banking unit as the ailing U.S. banking giant struggles to survive the global financial crisis, media reports said Sunday.

Citigroup plans to begin tender offers next week to determine the buyer of NikkoCiti Trust and Banking, its trust banking operation in Japan, for about 40 billion yen ($416.7 million), the Nikkei business newspaper reported.

Several major Japanese trust banks, including Mitsubishi UFJ Trust & Banking(MTU Quote), Sumitomo Trust & Banking and Mizuho Trust & Banking, are expected to place their bids, the Nikkei said, without citing sources.

Officials at Nikko Citigroup and NikkoCiti Trust were not available for comment Sunday. ...