Citigroup has moved a step closer to selling its Japanese asset management arm, with at least four contenders lined up for a second round of bidding.
The US bank is thought to want more than Y100bn ($1.04bn) for Nikko Asset Management (NAM) (NAM), one of its crown jewels in Japan.
Nomura, which operates the country's largest asset management company, is among the finalists bidding for NAM, which has Y8,817bn under management. Japan's largest broker, which recently acquired the European, Middle Eastern and Asian parts of the failed Lehman Brothers, has Y118,950bn under management at Nomura Asset Management.
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