Citigroup gets green light to list on Tokyo bourse

0 Comments | AFP, October, 2007

TOKYO (AFP) — US financial giant Citigroup said Monday that it would list its shares on the Tokyo Stock Exchange on November 5 after receiving approval from Asia's largest bourse.

The listing comes as the US giant moves to take full control of Nikko Cordial, Japan's third largest brokerage firm, whose shareholders will be able to sell the Citigroup shares they receive in the deal on the Tokyo bourse.

Citigroup is expanding its operations in Japan despite a poor track record in the world's second largest economy for rival Wall Street banks.

The listing is also a coup for the TSE, which has been struggling to attract foreign firms, particularly after a string of technical problems, hindering its efforts to compete with overseas rivals.

Japan has lagged...