Nomura Moves Past Archegos With Australia, New Zealand Tie Ups

Nomura Holdings Inc. announced business partnerships at home, Australia and New Zealand as Japan’s biggest brokerage seeks to move past a $2.9 billion hit from the implosion of Archegos Capital Management, Bloomberg News reported. Nomura signed an agreement with three regional Japanese banks to set up a joint venture to provide remote financial consulting services. It also struck up an alliance with investment bank Jarden Securities Ltd. to provide services such as stock and bond underwriting for clients in Australia and New Zealand, it said in separate statements on Monday. Chief Executive Officer Kentaro Okuda is pushing ahead with his global ambitions, just weeks after the Archegos meltdown led to the Japanese firm’s biggest quarterly loss since 2009. At home, Okuda is proceeding with a project inherited from his predecessor to reinvigorate its domestic business serving retail investors, once a stable cash cow. In Japan, Nomura’s venture with The Chiba Bank Ltd., Daishi Hokuetsu Bank Ltd. and Chugoku Bank Ltd. will offer clients remote consultations to help them build assets over the long-term. Nomura plans to take a majority stake in the joint venture, it said. Read more.