Three Japanese Firms Bid For Citigroup's (C) Japanese Retail Brokerage

Earlier today, Reuters reported that three Japanese brokerages are bidding for Citigroup's (NYSE: C) Japanase retail brokerage unit. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have submitted bids to buy the Japanese retail brokerage unit of Citigroup in a deal that could raise about $6 billion, five people with direct knowledge of the sale said.

Citigroup closed the final bidding for its planned sale of Nikko Cordial Securities on Monday.

The sale includes part of Nikko Citigroup Ltd, the wholesale brokerage unit of Citigroup, Reuters said, but not Nikko Asset Management, its fund management arm that may be sold off in a separate transaction.

Mitsubishi UFJ, Mizuho and Sumitomo Mitsui are Japan's three largest banks and see buying Nikko Cordial as a way to boost their market share in Japan.

Until recently, Citigroup had viewed Nikko Citigroup as a major unit that wanted to hold onto, but with the need to raise cash, Citi opted to sell this unit.

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