Thursday February 12, 11:59 PM
SMFG, Daiwa may bid jointly for Nikko Cordial-media
TOKYO, Feb 13 (Reuters) - Japan's Sumitomo Mitsui Financial Group Inc and Daiwa Securities Group Inc are considering a joint bid for Citigroup Inc (NYSE: C - news) 's Japanese brokerage, the Sankei newspaper reported on Friday.
A successful joint bid for Nikko Cordial (Berlin: NIK1.BE - news) would put more assets under the management of the SMFG-Daiwa alliance than those held by Japan's biggest brokerage group, Nomura Holdings (N33.SI - news) , the Sankei said.
SMFG and Daiwa have close ties, including joint investment banking venture Daiwa Securities SMBC.
Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group and SMFG are expected to place bids for Nikko Cordial, sources with knowledge of the matter told Reuters last week.
(Reporting by Mayumi Negishi) Keywords: CITIGROUP/JAPAN
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