Nomura becomes 1st Asian brokerage in Saudi

Nomura opened a branch in Saudi Arabia on Sunday, the Japanese investment bank said in a statement, becoming the first Asian brokerage firm to operate in the kingdom.

Nomura, which bought the European and Asian assets of Lehman Brothers last year, will offer corporate finance, capital markets and wealth management products to its Saudi clients, and serve Asian clients who want to do business in the Middle East.

"Saudi Arabia accounts for around 50 percent of GCC GDP, and as such a strong local presence is a critical part of Nomura's regional strategy," Philip Lynch, chief executive for Nomura International in the Middle East and Africa, said.

Lynch said Saudi Arabia was making "dramatic" steps to modernise and deregulate its economy.

Nomura already has offices in Dubai and Bahrain and recently received a licence from the Qatari financial authorities.END