Nomura has received approval from the China Securities Regulatory Commission (CSRC) to establish a joint venture in China.
According to Nomura, they will now make the necessary arrangements to set up the company once the procedural requirements have been completed.
The new company will initially focus on the wealth management business to provide high-net-worth individuals in China with services leveraging Nomura’s expertise in face-to-face consulting.
Meanwhile, Nomura plans to then develop its product distribution of channels and expand into Wholesale and other business segments.
It will do this with the ultimate goal of growing the business into a full-fledged brokerage that will form a core part of the firm’s strategy in Asia ex-Japan.
Koji Nagai, Nomura Group CEO, said: “This is an important step in building up our China business. With an increased presence in China, we aim to support economic growth in both China and Japan and firmly establish ourselves as a global financial services group with deep roots in Asia.”
