Nomura plans to expand in India, China next year: Report

TOKYO/NEW DELHI: Japanese financial services major Nomura today said it is planning to significantly expand its base in India and China next year, says a media report.

Nomura acquired the European and Asian operations of collapsed Lehman Brothers in 2008.

In an interview with the Financial Times, Nomura Chief Executive Officer (Asia operations, excluding Japan) Minoru Shinohara said the bank intended to expand significantly in China and India next year.

The report quoted Shinohara as saying that the bank planned to establish an onshore presence in China. He added that Nomura was in discussions with several Chinese groups with a view to launch a fixed-income and securities business.

"In a short period of time, more than 70-80 per cent of investment banking fees in China will be generated by locally transacted business and we want to be a leading player in that market," he said.

In India, Nomura offers fixed income products, trades local equities and has investment banking and asset management capabilities. In addition, the report said it has applied for other banking licences to expand its footprint.

Apart from expanding its presence in India and China, the financial entity is also stepping up its recruitment drive in the US.