The Nomura Trust and Banking Co., Ltd. will acquire all of the shares of NikkoCiti Trust and Banking Corporation.
Based on the agreement of Nomura Trust and Banking, a wholly owned subsidiary of Nomura Holdings, Inc., with Nikko Citi Holdings Inc. and Citigroup International LLC, the former will pay an all-cash consideration of 19 billion yen, subject to certain price adjustments, at closing.
The sale is expected to close around October 2009, pending regulatory approvals and other closing conditions.
NikkoCiti Trust and Banking's business focuses on providing fiduciary and trustee services to investment trust management companies. The acquisition will allow Nomura Trust and Banking to further its strategy of positioning fund trustee and administration services as part of its core business.
Nomura Trust and Banking provides both trust and banking services as a key Nomura Group company.
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