UPDATE 1-Citi to sell Bellsystem stake to Bain for $1 bln

* Citi to sell 93.5 pct Bellystem stake for 93.5 bln yen

* Bain beat out Permira and CVC/Blackstone team for asset

* Follows Citi sale of broker, fund manager and trust bank (Updates with total figure for asset sales by Citi in para 9)

TOKYO, Nov 15 (Reuters) - Citigroup Inc (C.N) said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion).

Bain has been widely expected to buy Bellsystem24 after securing exclusive negotiation rights earlier this month.

Sources had told Reuters last week that Bain was close to finalising a roughly 100 billion yen deal for the company, marking the largest buyout by a foreign private equity firm in Japan in nearly two years. [ID:nT83575]

Bain has beaten off rivals Permira [PERM.UL] and a team of CVC Capital and Blackstone (BX.N), which had also made offers in the final round of bidding for Bellsystem24.

Citigroup said in an e-mailed statement that it had agreed to sell its 93.5 percent stake in Bellsystem24 for 93.5 billion yen in cash in a tender offer to be launched by a firm owned by funds advised by Bain Capital.

The tender offer will likely start on or before Nov. 20 and be completed on Dec. 30, Citigroup said.