Citigroup to Apply for First Section Listing

Nikkei reports that Citigroup will apply within the year for a First Section listing on the TSE. The Bank wants to expand its operations in Japan and has decided a TSE listing is a necessity. The move could make it easier for Citigroup to buy Japanese companies through stock swaps.

The move comes as plans proceed to introduce so-called Japan Depository Receipts, similar to ADRs, through which yen-denominated foreign shares would be traded, as well as a possible tie-up between the New York and Tokyo exchanges. The TSE has continued to lose listings of foreign stocks and hopes to regain its international presence. 日経, Reuters