To further expand its international wealth management business, Japan’s Nomura will launch a new office in Dubai following regulatory approval.
Nomura will open a new branch in the Dubai International Financial Center to expand the scope of its international wealth management (IWM) business, according to a statement. This follows in-principle approvals received from the Monetary Authority of Singapore and Dubai Financial Services Authority to establish the wealth management relationship center in the Middle East.
«Dubai has long established its importance in the Middle East, Indian subcontinent and Africa for entrepreneurs and families as a base to grow their international presence from,» said Nomura IWM head Ravi Raju, highlighting the delivery of «one-bank solutions» to clients via the Singapore platform.
Ex-Japan Growth
In September 2020, Nomura’s ex-Japan wealth business was repositioned as IWM with the aim of furthering growth outside of its home market. Since then, it has opened a record 1,000 new client accounts and added $5.5 billion in net new money.
The IWM unit currently houses 90 private bankers based in Singapore and Hong Kong, targeting ultra-high net worth clients from the Greater China, Southeast Asia, Middle East and global non-resident Indian segments.
According to a recent presentation by Nomura CEO Kentaro Okuda, the Japanese lender aims to increase focus on IWM to become a key contributor to broader plans to boost group revenue by $1 billion or more.
