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Sumitomo Mitsui Financial Group Inc. has reportedly stolen a march on two domestic rivals in the auction for the Japanese assets of Citigroup Inc., although the would-be buyer indicated a firm agreement hasn't been reached.

The Nikkei Japanese business daily and Reuters reported Tuesday that Sumitomo Mitsui has agreed to pay more than $5.2 billion for the Nikko Cordial Securities Inc. brokerage and parts of the Nikko Citigroup Ltd. investment bank. That's a fraction of the $4.8 billion in stock that Citigroup paid for the outstanding 32% of Nikko Cordial in January 2008, or the $7.7 billion in cash it paid for the first 60% in May 2007.

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