Citigroup plans to hold a second auction for Nikko Cordial Securities in April.
At the first auction, held in Feburary, 3 mega banks, Mitsubishi, Sumitomo and Mizuho made bids. Citi has begun working on the financial data and is providing more detailed information as requested.
The 3 mega banks all believe that they are not in desperate straits but are unwilling to let the bid go to a rival.
The estimated cost for Citigroup is around 300 billion yen($3bill) but may increase.
March 20, 2009
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