Citigroup was expected to make some kind of foray into Japan, mainly to tap what many expect to be a goldmine in boomer retirement funds. Not to disappoint, the bank announced this morning that it has struck an alliance with troubled Nikko Cordial to support a takeover offer. Through Citigroup Japan Investments, the bank will seek to buy all outstanding shares of Nikko, a move that could cost more than $10 billion. Citigroup already owns just under 5 percent of the Japanese firm. Nikko is Japan's third largest broker dealer, but it faces a host of regulatory issues and possible delisting from the TSE. This is certainly a big move, one that might prove savvy for Charles Prince. The hope is that they swooped in and bought a great brand at a low price. We'll see.

For more:
- here's an update from Forbes