Nomura to Buy Citi's NikkoCiti Trust

Updated from 1:06 a.m. EDT

Nomura Holdings(NMR Quote) will pay 19 billion yen ($197 million) to buy Citigroup's(C Quote) Japanese trust banking subsidiary NikkoCiti Trust and Banking Corp..

The sale is expected to close in the fourth quarter, NikkoCiti said in a statement Wednesday.

"This transaction is in line with Citi's stated global priority to allocate capital and focus its resources on the best growth opportunities," said NikkoCiti's CEO Douglas Peterson, in a statement. "Citi will maintain a strong presence in securities services and transaction services in Japan. We see significant opportunity for these businesses in Japan, which play to Citi's key strengths." ...