Citigroup has exposed on sale their office in Japan
21 February 2008One of the largest American banks Citigroup sells the headquarters in Japan to investment group Morgan Stanley. The sum of the transaction is not disclosed; however, experts estimate it in $445 million.
After sale the Japanese branch Citibank Japan will continue to operate a 22-storeyed building, located in business area Sinagava, having taken it in rent.
It is spoken in application Citigroup that the transaction is called to improve efficiency of use of actives Citibank Japan, and also “to minimize risks from possession of immovable actives”. In January, 2008, the bank has declared record losses for 196-years history of the existence, having written off $18 billion in result of hypothec crisis.
Despite of losses, Citigroup has continued expansion on the Japanese market. In January the bank has received the control over broker house Nikko Cordial, having redeemed a share holding on $4,8 billion.
