Japan’s Nomura Holdings, Inc. said it has received approval from the China Securities Regulatory Commission (CSRC) to establish a securities joint venture in China.
The group said in a statement that Nomura will now make the necessary arrangements to set up the company once the procedural requirements have been completed.
“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,” said Nomura Group CEO Koji Nagai. The new company will initially focus on the wealth management business to provide high-networth individuals in China with services leveraging Nomura’s expertise in face-to-face consulting. Nomura plans to then develop its product distribution channels and expand into Wholesale and other business segments, 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.
Nomura said the impact of the new company on Nomura’s consolidated financial results has not been determined. Nomura will immediately issue an announcement if the possibility of a material impact arises. Outline of new com
