Global financial services company Nomura has announced it plans to open a Nomura Singapore Limited office at the Dubai International Financial Centre, United Arab Emirates. The new branch aims to expand the scope of the company’s International Wealth Management business in the Middle East.
Nomura has secured an in-principle approvals from the Monetary Authority of Singapore, as well as from the Dubai Financial Services Authority. The company can now open its wealth management relationship centre in the Middle East and start operations on receipt of the DFSA license.
With its entrance in this market, Nomura’s new whole owned subsidiary aims to broaden its coverage if the wealthiest consumers in China, the Middle East and Southeast Asia. Customers in these markets are currently served by private bankers based in Singapore and Hong Kong.
Ravi Raju, Head of International Wealth Management, Nomura, said:
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. We welcome the chance to be a part of this exciting growth opportunity to offer our International Wealth Management and one-bank solutions to clients via our robust Singapore platform.
International Wealth Management has registered 1,000 new client accounts and added over $5.5 billion in new funds since September 2020. Nomura forecasts that these figures will improve with the establishment of the DIFC branch.
Rig Karkhanis, Deputy Head of Global Markets and Head of Global Markets, Asia ex-Japan, added:
We hope to bring our leading institutional product suite including structured solutions to meet the sophisticated needs of entrepreneurs and ultra-high-net-worth clients in the Middle East. This new branch at DIFC will act as a springboard for the franchise to become a platform of choice for high-net-worth clients globally.
