Nomura, the global financial services group, has announced its plan to open a new branch at the Dubai International Financial Centre (DIFC). The move to Dubai will allow the expansion of Nomura's International Wealth Management current services in the region of the Middle East.
The new, wholly-owned subsidiary of Nomura Singapore Limited has already received permission from the Monetary Authority of Singapore (MAS) and Dubai Financial Services Authority (DFSA) to start its Middle East office and serve as a wealth management company.
By entering this market, Nomura wants to gain easier access to the wealthiest consumers in China, the Middle East and Southeast Asia. They are currently served by the company's bankers situated in Singapore and Hong Kong, and Dubai is expected to streamline processes and increase the potential of attracting new clients.
"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 from. 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," Ravi Raju, the Head of International Wealth Management at Nomura, said.
Over the past two years, International Wealth Management has added 1,000 clients and more than $5.5 billion in new funds. According to Nomura, the statistics will improve significantly with the establishment of a subsidiary in DIFC.
Ravi Raju Builds Nomura's Global Wealth Management Business
Although Nomura is currently outside the list of Asia's top 20 private banks, it rapidly increases the number of wealth advisers, the range of products and the number of markets. All thanks to the work of a Singapore-based veteran of the sector, Ravi Raju, who joined the company in 2020. The move came after Nomura integrated its ex-Japan wealth management unit into a wholesale division and rebranded it to International Wealth Management.
In an interview with Reuters, Raju said the Dubai unit would aim to start its business with 5-10 relationship managers within the first year of operation. Earlier, Raju sourced more than 50 relationship managers for branches in Singapore and Hong Kong, hiring experts from BNP Paribas and Deutsche Bank.
Nomura's goal is to increase the range of assets it holds to $25-35 billion by March 2025. Clients from Asia and the Middle East are expected to help achieve this goal.
