SMFG makes highest bid for Nikko Cordial Securities+

TOKYO, April 24 Kyodo -
Sumitomo Mitsui Financial Group Inc. submitted the highest offer for Nikko
Cordial Securities Inc. in the second round of bidding conducted by U.S.
financial giant Citigroup Inc. on Monday, sources familiar with the matter said
Friday.
SMFG offered more than 500 billion yen, outbidding Mitsubishi UFJ Financial
Group Inc. and Mizuho Financial Group Inc., they said.
MUFG made the second-highest bid at several tens of billions of yen short of
SMFG's, they added.
Citigroup invited bids for Nikko Cordial Securities and the bulk of Nikko
Citigroup Ltd. and is expected to grant preferential negotiating rights to one
of the three Japanese megabanks possibly by the end of April.
If Citigroup picks SMFG as a buyer for Nikko Cordial Securities, the selection
may well result in changes in power relations in Japan's securities industry in
light of the banking group's close business ties with Daiwa Securities Group
Inc., analysts said.
==Kyodo
2009-04-24 22:44:36