Nomura to Scrap 25 Branches in Urban Areas

Economy

Tokyo, June 5 (Jiji Press)--Nomura Securities Co. said Wednesday that it will close 25 outlets in urban areas as part of its branch consolidation plan announced in April.

The operations of the 25 branches, located in the Kanto eastern region including Tokyo, the Chukyo region of central Japan and the Kansai western region, will be taken over by respective nearby outlets between August and September, the major Japanese brokerage house said.

Some of these branches have had a relatively small number of clients. Geographical proximity is another reason for the consolidation.

Of the total, 14 are in Kanto, including an outlet in Tokyo's Shinjuku district, 10 in Kansai, including a branch in Osaka Prefecture, and one in Chukyo, which is in the city of Nagoya, the capital of Aichi Prefecture, according to the company.

Nomura, a unit of Nomura Holdings Inc. <8604>, plans to consider further branch consolidation mainly in metropolitan areas while continuing to operate at least one branch in each of the country's 47 prefectures.

[Copyright The Jiji Press, Ltd.]

Jiji Press