Sumitomo Trust & Banking, T&D Holdings and Bank of New York Mellon are the remaining three contenders to buy Citigroup's Japanese asset management unit, the Nikkei Business Daily reported.

Citigroup is looking to sell Japanese fund manager Nikko Asset Management, which has about $90 billion in assets under management, as part of efforts to recuperate from heavy losses in the global financial crisis.

According to the report - which did not cite sources - Citigroup is engaged in ongoing negotiations with each of the firms, including seeking an increased purchase price, and will continue to ensure optimum terms.

A decision on the buyer is not likely to occur until next month, the publication added.