Japan's three megabanks Monday submitted offers to buy Nikko Cordial Securities Inc. in the second round of bidding, people familiar with the matter said Tuesday.

Sumitomo Mitsui Financial Group Inc. (8316.TO), Mitsubishi UFJ Financial Group Inc. (8306.TO) and Mizuho Financial Group Inc. (8411.TO) are bidding for the unit put up for sale by Citigroup (C), they said.

The Nikkei reported Tuesday morning that the price for Nikko Cordial Securities could reach Y400-500 billion.

-By Atsuko Fukase, Dow Jones Newswires; 813-6895-7567; atsuko.fukase@dowjones.com