Nomura Preparing to Start Chinese Joint Venture This Year

Economy

Beijing, Oct. 17 (Jiji Press)--Nomura Holdings Inc. <8604> Chairman Nobuyuki Koga has said preparations are under way so that its new securities joint venture in China will start business within this year.

In a lecture at Peking University on Wednesday night, Koga also showed eagerness to make the new company a fully owned subsidiary eventually.

Nomura in March obtained Chinese approval to set up the majority-controlled joint venture after China raised the cap on foreign ownership of a brokerage company to 51 pct from 49 pct.

The new company, Nomura Orient International Securities Co., is scheduled to start off with asset management services for wealthy people.

"Nomura's experience can be utilized," Koga said.

[Copyright The Jiji Press, Ltd.]

Jiji Press