Nomura announced it will open a branch of Nomura Singapore Limited at the Dubai International Financial Centre, United Arab Emirates, to expand the scope of its International Wealth Management business in the Middle East.
The firm has received in-principal approvals from the Monetary Authority of Singapore and Dubai Financial Services Authority to establish this wealth management relationship center in the Middle East and commence operations on receipt of the DFSA license.
It marks International Wealth Management’s latest expansion efforts to broaden its coverage of ultra-high-net-worth clients in its target markets of Greater China, Southeast Asia, the Middle East and the global Non-Resident Indians segment, all currently served by about 90 private bankers based in Singapore and Hong Kong.
Since Nomura’s ex-Japan wealth management business was repositioned as International Wealth Management in September 2020, it has opened a record 1,000 new client accounts and added more than US$5.5 billion in net new money. The establishment of the DIFC branch is a key initiative to further expand its client franchise and the footprint of its relationship managers.
Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates, and governments through its three business divisions: Retail, Investment Management, and Wholesale (Global Markets and Investment Banking).