Sumitomo Mitsui Banking Corporation
In 2007 Citigroup acquired a majority of shareholders in Nikko Cordial for $7.7 billion. In October 2009, all of the operations of Nikko Cordial Securities and certain businesses of Nikko Citigroup, such as the domestic stock and bond underwriting business among others, were sold to Sumitomo Mitsui Banking Corporation. Nikko Cordial was being reorganized into a new subsidiary company, SMBC Nikko Securities Inc., in April 2011.