Close integration with and expected support from parent companies, Nikko Cordial Corp. (A+/Positive/A-1) and Citigroup Inc. (AA-/Watch Neg/A-1+) Profitability gradually improving due to growth in the investment trust business Satisfactory capitalization Heavy reliance on main product lines NikkoCiti Trust & Banking Corp. (A+/Positive/A-1) is a joint venture between Nikko Cordial Securities Inc. (A+/ Positive/A-1) and U.S.-based Travelers Group International LLC (NR). Travelers Group International is a 100%-owned subsidiary of Citigroup Inc., and in January 2008, Nikko Cordial Securities became a 100% subsidiary of Citigroup Japan Holdings Ltd. (NR). As a result, Citigroup Japan indirectly owns a 100% stake in NikkoCiti Trust. The rating on NikkoCiti Trust reflects the bank's close relationship with and support from its parent companies. NikkoCiti Trust...
Companies mentioned in this report are: NCT Trust and Banking Corp.,Citigroup Overseas Holdings Inc.,Nikko Cordial Corp.
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Research Type: Full Analysis