Friday, May 1, 2009

Citi sells it Japanese securties unit for $7.9 billion

Nikko Cordial's sale will give Citi another $2.5 billion of tangible capital equity, (TCE) raising it by 27 basis points.

This sale will bolster the banks arguments that cost reductions and yard sales are sufficient to replenish their capital, especially since the green shoots of recovery are now clearly visible.

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