Nomura to expand in China and compete rivals

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Saturday April 09, 03:39

Nomura to expand in China and compete rivals

(by Roy Deng)

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Nomura to expand in China and compete rivals

Nomura Holdings Inc., Japan’s biggest brokerage, plans to expand its business by founding asset management and investment banking ventures in China.

Tokyo-based Nomura makes efforts to catch up with Morgan Stanley in the world’s fastest-developing economy by set up a company in China to deal with the new businesses by the end of March 2006, spokesman Shuji Sato said today.

Nomura has already established an office in Beijing in 1982 and in Shanghai in 1986, with the main task to help Japanese clients by acquiring Chinese assets.

``Nomura knows China will be an extremely important market, and it wants to lay the foundation as quickly as possible,’’ said Yoji Takeda, a head of Asia equities at RBC Investment Management (Asia) Ltd. in Hong Kong.

However, Nomura hasn’t received regulatory approval from Chinese authorities yet though such licensing procedures in China can take several years.

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