Sumitomo Mitsui Financial Group (SMFG) has been granted preferential negotiating rights for Citigroup Inc's Japanese retail brokerage operations, prevailing over its two rival Japanese banks.
Citigroup and SMFG will negotiate the terms of the deal, with hopes of closing within the next few weeks.
Now the market is focusing on how SMFG will handle Daiwa Securities Group, which jointly operates wholesale brokerage house Daiwa Securities SMBC.
April 27, 2009
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