Citigroup has increased its share in Japanese brokerage Nikko Cordial to a controlling stake of 68.23 percent, according to the Japanese finance ministry.
Previously, the US bank had held a 61.08 percent share in Japan’s third-largest brokerage.
The increased shareholding will mean that with over two-thirds of voting rights Citigroup will be able to bypass opposition in the boardroom and embark upon a restructuring programme.
Under the terms of the deal, Citigroup acquired 37 million shares in Nikko via a private placement for which it paid $13.9 each.
Meanwhile, a further 32 million shares were acquired between 5th and 6th June for less than $13.9 per share, according to a spokesman.
Citigroup initially had sought to build up a controlling share in March but had faced opposition from a number of shareholders who perceived that the US bank’s offer price undervalued the brokerage.
In December of last year, six top-ranking Nikko executives resigned following an investigation into illegal accounting procedures.