In addition to German retail banking branch Citigroup Inc. nurtures the plan to sell its Japanese trust banking unit to survive economic downturn.
Tender offers to determine the buyer of NikkoCiti Trust and Banking Corp., for about 40 billion yen ($416.7 million) will commence next week.
Among Japanese trust banks expected to place bids are Sumitomo Trust & Banking Co. and Mizuho Trust & Banking Co., Mitsubishi UFJ Trust & Banking Corp.
Seriously hurt by credit and mortgage crunch the bank will have to make job cuts through early retirements at its Japanese brokerage unit Nikko Cordial Securities Inc., and to further coordinate its Japan operations.
L.D.