Japan’s Nomura mulls buys to grow Indian equity market

Japan’s Nomura mulls buys to grow Indian equity market
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First Published: Tue, Jul 03 2007. 06 30 PM IST
Updated: Tue, Jul 03 2007. 06 30 PM IST
Singapore: Nomura Holdings, Japan’s biggest broker, may consider acquisitions as a possible route to enter India’s booming stockbroking business, an executive said on 3 July.
Hiromasa Yamazaki, the head of Nomura’s global equities business, said that the firm wants to build a cash equities and derivatives business in India, either from its own resources or through acquisitions.
“We want to enter India just simply because of the huge growth potential there. Anything is possible for Nomura,” Yamazaki told Reuters in an interview.
He also said that the firm hopes to double its profit from equity business outside Japan in about five years.
Indian newspapers reported last month that Tokyo-based Nomura may buy a 35% stake in India’s unlisted financial services group Enam for Rs14 billion.
Yamazaki declined to comment on the reports, but said that the firm wants to develop its equities operation as well as other businesses in India.
If Nomura succeeds it would join other foreign players, including Citigroup, Merrill Lynch and BNP Paribas that have invested in India’s fast-growing brokers as the stock market booms.
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First Published: Tue, Jul 03 2007. 06 30 PM IST