Citigroup bank has raised its stake in Japanese brokerage firm Nikko Cordial to 68 per cent this month from 61 per cent, according to a filing to Japan's finance ministry.
Citigroup in April secured 61 per cent of Nikko Cordial's voting stock in a $7.7 billion tender offer bid, with an aim to eventually turn the company into a wholly owned subsidiary.
Securing more than a two-thirds stake would give the US banking group better control over Nikko Cordial without worrying about potential veto moves from minority investors.
New York-based Citigroup is hoping to recover credibility at the scandal-hit Nikko Cordial, which escaped a threatened delisting by the Tokyo bourse over its accounting problems.
