Citigroup To Acquire 50% Stake in Nikko Trust and Banking Corporation

Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 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. Major brands under Citigroup's trademark red umbrella are - Citibank, Travelers, Salomon Smith Barney, First Associates, Citifinancial and Primerica.


	Printer Friendly Page		FOR IMMEDIATE RELEASE Citigroup Inc. (NYSE symbol: C) August 28, 2001 Citigroup To Acquire 50% Stake in Nikko Trust and Banking Corporation Today Citigroup Inc. ("Citigroup") announced it has decided to acquire a 50% stake in The Nikko Trust and Banking Corporation ("Nikko Trust"), a wholly-owned subsidiary of The Nikko Securities Co., Ltd. ("Nikko"). The deal will close on August 31, 2001. Nikko Trust plans to change its name to The NikkoCiti Trust and Banking Corporation subject to formal approval by the authorities. The two shareholders plan for NikkoCiti Trust and Banking Corporation to be managed as a joint venture focused principally on the trustee administration and custody business in Japan. The company plans to purchase the trustee administration and custody business currently conducted in Japan by Cititrust and Banking Corporation ("Cititrust"). NikkoCiti Trust and Banking Corporation will provide trustee, administration and custodial services to a broad range of institutional investors, specifically public funds, pension funds, investment trust managers and the fund manager community. The total assets under administration of NikkoCiti Trust and Banking Corporation will be approximately seven trillion Japanese Yen. Akira Hirano, currently President of Nikko Trust, will become Co-President of the company along with Stephen Turner, who presently is the Head of Cititrust Worldwide Securities Services in Japan. "We believe that, by combining Citigroup's global network and service strengths with Nikko Trust's local expertise and client access, we have created a platform from which to offer trust and custody services to Japanese and non-Japanese clients that is unparalleled in Japan," said Hirano. Turner commented, "This joint venture is an exciting opportunity for us. Citigroup's international clients have asked that, in order to provide seamless global trust and custody services, we introduce trust and custody services supported by an established business and our track record in Japan. We believe that, in light of Nikko Trust's history in Japan, NikkoCiti Trust and Banking Corporation will do just that in a way that distinguishes us clearly from our competition." # # # Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 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. Major brands under Citigroup's trademark red umbrella are - Citibank, Travelers, Salomon Smith Barney, First Associates, Citifinancial and Primerica.