Citigroup sells stake in Japanese asset manager

NEW YORK: Citigroup Inc says it is selling its majority stake in a Japanese asset management company to The Sumitomo Trust and Banking Co Ltd. for $795 million.

The move to sell the 64 percent stake in Nikko Asset Management is part of a bigger plan to reduce holdings in Japan and restructure the struggling US bank.

The deal values the Japanese company at 120 billion yen ($1.26 billion).

Citi has announced separately it is selling its brokerage and trust banking business in Japan.

Citi CEO Vikram Pandit says the moves allow it to focus on its core business in Japan.