Japanese financial services group to set up branch in UAE to serve Middle East markets, NRIs

Nomura, a leading Japanese global financial services group, said on Tuesday that it will open a branch at the Dubai International Financial Centre (DIFC) to expand the scope of its international wealth management business in the Middle East and also serve Non-Resident Indians.

Nomura received in-principle approvals from the Monetary Authority of Singapore and Dubai Financial Services Authority (DFSA) to establish the wealth management relationship centre in the Middle East and to commence operations on receipt of the DFSA license.

It marks the global wealth management company's latest expansion efforts to broaden its coverage of ultra-high-net-worth clients in its target markets of Greater China, Southeast Asia, the Middle East and the global Non-Resident Indians segment, all currently served by about 90 private bankers based in Singapore and Hong Kong.

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, said Ravi Raju, Nomura's Head of International Wealth Management.

"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," Raju said.

"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," said Rig Karkhanis, Deputy Head of Global Markets and Head of Global Markets, Asia ex-Japan.