This excerpt taken from the C 8-K filed Oct 2, 2007.
Since announcing their comprehensive strategic alliance in March 2007, Citi and Nikko Cordial have engaged in extensive integration planning efforts under the direction of a joint steering committee. Citi believes that acquiring 100% ownership of Nikko Cordial will enable the two companies to accelerate and further strengthen their ability to:
Citi aims to create the leading comprehensive banking and securities group in Japan by leveraging Nikkos strong franchise, brand and management talent to better serve customers in the rapidly evolving market for Japanese financial services. Citi also intends to capitalize on the solid historical partnership demonstrated by the two organizations, their complementary capabilities and their common values, including respect for Japanese culture and business practices.