Nomura Bidding for Citi Japan Unit: Report

Nomura Holdings (NMR Quote) and insurer T&D Holdings are among the firms in the second round of bidding for Citigroup's(C Quote) Japanese asset management arm in a deal likely to exceed $1 billion, Reuters reports, citing sources.

Bidders for Nikko Asset management, one of Japan's largest fund managers, include Nomura Asset Management, a unit of leading Japanese broker Nomura Holdings, T&D Holdings and Sumitomo Trust and Banking , said the sources. Other possible bidders are Sumitomo Mitsui Financial and Mizuho Financial(MFG Quote), Reuters reports, citing the Nikkei business daily newspaper.

Citigroup is expected to narrow the list of potential buyers to around two and conduct the final bidding as early as this month, the sources said. ...