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Nomura plans to hire realty bankers in Asia

Nomura plans to hire realty bankers in Asia
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First Published: Tue, Oct 23 2007. 11 44 PM IST
Updated: Tue, Oct 23 2007. 11 44 PM IST
Tokyo: Japan’s biggest securities firm, Nomura Holdings Inc., plans to hire more real estate bankers in Asian markets outside Japan, adding resources to growing areas as it exits unprofitable US operations.
Nomura, which expects to post a second quarter loss after a charge of 73 billion yen (Rs2,555 crore) on US home loans, wants to increase banking staff in Singapore to at least 10 from four.
“We’re seeking a sharp expansion in Asia,” said Hajime Itagaki, a managing director in charge of asset finance at Nomura. “You cannot ignore Asia when it comes to growth opportunities as many Japanese companies have branched outside the domestic market.”
The company aims to arrange asset finance deals and invest in more property in China, India, Vietnam and Singapore—some of the fastest growing economies in the world.
The Japanese company competes with Morgan Stanley and Goldman Sachs Group Inc. in the Asian real estate market, where investment rose 42% to $94 billion in 2006, according to a Jones Lang LaSalle report.
Chief executive Nobuyuki Koga is concentrating more on Asia as Nomura withdraws from some overseas operations, including residential mortgage-backed securities in the US.
It will cease making markets in treasuries and close its Chicago office as part of cost-cutting efforts, Nomura had said earlier this month.
Tomoko Yamazaki and Kathleen Chu contributed to this story.
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First Published: Tue, Oct 23 2007. 11 44 PM IST