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Citigroup (NYSE:C) says it is considering listing on the Tokyo Stock Exchange as part of its efforts to expand in Japan. This news comes on the heels of Citi announcing plans last month to form a Japanese holding company and double its retail branch network in the country. Listing on the TSE would allow Citigroup to make acquisitions more easily.

The linked Reuters report comments on Nikko Cordial (OTC:NIKOY):

Citigroup is seen as a top candidate to buy Japan's Nikko Cordial Corp. If the TSE decides next month to revoke the scandal-hit brokerage's share listing. The bourse is considering whether to delist Nikko, Japan's third-largest brokerage, over accounting problems at its merchant banking unit.

Citigroup owns about 5 percent of Nikko and the two companies share an investment banking joint venture, Nikko Citigroup.

Disclosure: Author owns Nikko Cordial ADRs.

Source: Citigroup to Expand in Japan, Considers Listing on Tokyo Stock Exchange