Tokyo-Citigroup Inc. on Monday debuted on the first section of the Tokyo Stock Exchange opening at 4,580 yen, 250 yen higher than the value calculated from closing price from the New York Stock Exchange.
The change of chairman, who resigned this weekend, was seen favorable for some market players, and it seemed partly contribute the higher opening price.
Citigroup, which is America's largest banking group, is also slated to own Nikko Cordial Corp., a Japanese brokerage, as its subsidiary in January after doing a triangular merger between Nikko Cordial shareholders' shares into Citigroup stocks.
But the decision of triangular merger was originally made by Charles Prince, the former chairman and CEO of the banking group, so the directionality of the group in Japan depends on Robert Rubin, the newly appointed Chairman and former U.S. Secretary of the Treasury.
By the listing of Citigroup, the total number of foreign countries listed on TSE 1st section became 26.
Japanese market is seen to be lucrative for the banking group, because these days there are so many baby-boomers who have just retired from their companies and afford to invest certain amount of money.
The group also became the first foreign bank to get a banking license in Japan.