On Saturday, Citigroup confirmed that it has agreed to sell the 93.5% stake in holds in Japan's telemarketer Bellsystem24 to America's private equity firm Bain Capital. The deal will cost Bain $1 Billion, or 95.3 Billion Yen, and Citi's complete stake will be transferred to the financial firm's ownership.

Since the company's securing of exclusive negotiation rights to Bellsystem24 earlier this month, speculations that a deal might soon be in order were doubly fueled. The deal, which the analysts initially expected would cost Bain 100 Billion Yen, has been recorded as the largest Japanese firm buyout by an overseas equity firm in almost two years.

Bain has outraced rivals such as Permira and CVC Capital and Blackstone to acquire the deal which would let the company expand into one of the world's strongest economies.

The sale of its Bellsystem24 stake is a part of Citigroup's ongoing drive to raise enough money to replenish a major chuck of all that was lost during one of the worst global recessions. The bank has already raised over $7 Billion by selling some of its other Japanese assets, including a broker, a trust bank and one of its fund management arms.