Global financial services group Nomura said on 13 December it will open a branch of Nomura Singapore at the Dubai International Financial Centre to expand the scope of its international wealth management business in the Middle East.

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

Nomura further said the new office marked the latest expansion of its international wealth management 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.

Ravi Raju, head of international wealth management, Nomura, said: "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." 

Since Nomura's ex-Japan wealth management business was repositioned as International Wealth Management in September 2020, it has opened a record 1,000 new client accounts and added more than $5.5bn in net new money. The establishment of the DIFC branch is a key initiative to further expand its client franchise and the footprint of its relationship managers, it said.

Rig Karkhanis, deputy head of global markets and head of global markets, Asia ex-Japan 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.

"This new branch at DIFC will act as a springboard for the franchise to become a platform of choice for high-net-worth clients globally."