Sumitomo Mitsui Financial Group <8316.T> said it would buy Citigroup's
Sumitomo Mitsui, Japan's third-largest bank, said it would pay at least 545 billion yen ($5.6 billion) for retail brokerage Nikko Cordial Securities and Citigroup's stock and bond underwriting operations.
Citigroup said in a statement the total cash value of the deal was 774.5 billion yen ($7.9 billion).
Retail broking has been a weak point for Sumitomo Mitsui, which has lagged behind top banks Mitsubishi UFJ <8306.T> and Mizuho Financial Group <8411.T>, as well as leading brokerage Nomura Holdings <8604.T>.
Nomura last year bought Lehman Brothers'
(Reporting by David Dolan; Editing by Rodney Joyce)