Citigroup Announces Acquisition, Strategic Alliance in Japan.NEW YORK--(BUSINESS WIRE)--November 1, 1999-- Citigroup said today that it has reached agreement to acquire 19% of Nikko Beans See JavaBeans. , Inc., as part of a strategic alliance with the Tokyo-based firm recently formed to offer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to consumers via E-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. . The agreement between Nikko Beans and Citibank allows each company to offer improved products and services to customers of both. Nikko Beans, which began operations Oct. 1, offers brokerage, investment-trust and insurance products as well as research to its customers via the Internet (www.nikkobeans.co.jp) and telephone. Citibank offers banking and investment products in Japan through the Internet (www.citibank.co.jp), telephone and its branch network. Robert Berardy, a Vice President of Citibank in Japan, said, "This investment fits into Citigroup's strategy to offer a comprehensive set of financial products and services through multiple channels, including the Internet." Citigroup will be the second largest shareholder of Nikko Beans, after The Nikko Securities Co., Ltd. The purchase price was not disclosed. Other shareholders are Nippon Life Insurance Company Nippon Life Insurance Company (日本生命保険相互会社 and Mitsui Trust & Banking. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.citigroup.com. |
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