Nomura in tie-up with with LIC: report

Nomura in tie-up with with LIC: report
AFP
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First Published: Sun, Jul 12 2009. 01 14 PM IST
Updated: Sun, Jul 12 2009. 01 14 PM IST
Tokyo: Japan’s top securities firm Nomura Holdings has agreed to an asset-management capital tie-up with Life Insurance Corp. (LIC), India’s largest life insurer, a newspaper reported on Sunday.
Under the accord, Nomura will take a 35% stake in LIC Mutual Fund Asset Management Co., a LIC subsidiary, for about six billion yen ($65 million), the Nikkei business daily reported.
Nomura is expected to send executives and staff to LIC Mutual Fund Asset Management, which currently has ¥600 billion in assets under management, the newspaper said.
Nomura, which began stock trading operations in India last year by taking over the business base of the collapsed Lehman Brothers, now plans to start selling bonds in the country later this year.
Nomura has bought the Asian, European and Middle Eastern operations of Lehman Brothers, which became the most visible corporate casualty of the financial crisis.
Parent firm LIC, a 100% state-owned entity, insures ¥35 trillion worth of policies, accounting for more than 60 percent of the domestic market, the Nikkei added.
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First Published: Sun, Jul 12 2009. 01 14 PM IST
More Topics: Japan | India | Insurance | Nomura | LIC |