Monday, November 23,  1:09 am

Forward-looking intelligence allows you time to act. View this video on our restructuring content to see how you can benefit from our expertise.

Sumitomo Mitsui Financial Group Inc. on Friday, May 1, agreed to pay ¥545 billion ($5.6 billion) for Citigroup Inc.'s Nikko Cordial Securities Inc. Japanese brokerage and parts of the Nikko Citigroup Ltd. investment bank.

Sumitomo Mitsui, whose president is Teisuke Kitayama, outbid Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. The Tokyo institution, Japan's second-largest bank by market value, said the assets it is acquiring include Nikko Citigroup's domestic debt and equity underwriting business. Sumitomo Mitsui will pay an additional ¥28.5 billion for stakes in Japanese companies held by Citigroup and agreed to forge a corporate and investment banking alliance with the U.S. institution.

This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools.

To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button.

Dig deeper, with Pipeline.

• 887 in-depth reports of M&A deals in the Financial Services sector
• 53 articles related to Sumitomo Mitsui Financial Group Inc.
• 22 articles related to Nikko Cordial Securities Inc.
• 16 company pages related to Sumitomo
• 10 years of news and analysis archives from the voice of The Deal Economy
  

Most searched keywords

• Deutsche Bank
• Birds Eye
• Cadbury AG
  
• Agrium Inc.
• Skadden Arps
• Revolution Money
• Tandberg ASA
• Aisling Capital
  
• Ken Lewis
  
• Natco