Report: Sumitomo Mitsui at basic agreement to buy Citigroup brokerage units

TOKYO — Major Japanese bank Sumitomo Mitsui Financial Group Inc. has reached a basic agreement to buy a Japan-based brokerage unit from Citigroup Inc. for 500 billion yen ($5.2 billion), a newspaper said Tuesday.

Reports: Sumitomo Mitsui most likely candidate to buy Citigroup Japan unit

TOKYO — Sumitomo Mitsui Financial Group Inc. has emerged as the most likely candidate to buy Citigroup Inc.’s Japanese brokerage unit after offering the highest bid worth $5 billion, reports said Saturday.

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