By Joanna Hartley
Japanese investment bank took over Lehman Bros Middle East business in Oct.
Japanese investment bank Nomura International plc has been awarded a licence to provide investment banking and capital market services in the Dubai International Financial Centre (DIFC).
The licence was issued by Dubai Financial Services Authority on the back of Nomura’s acquisition of Lehman Brothers' investment banking, equities and fixed income businesses in the Middle East in October last year.
Nomura has already received a licence to operate in Saudi Arabia from the Capital Market Authority, and is expected to open for business there shortly.
The company is also in the process of obtaining a licence from the Qatar Financial Centre Regulatory Authority, it said.
"The Middle East offers Nomura tremendous long-term opportunities, and with the acquisition of Lehman Brothers' businesses in the region, it is perfectly positioned to tap the growing regional market for financial services,” said Abdulla Al Awar, managing director of DIFC Authority.
Previously Nomura and Lehman Brothers had different geographical footprints in the region with Nomura's presence centred in Bahrain and Lehman Brothers in Dubai and Doha, he added. Nomura's office in DIFC, will be the bank's largest in the region, and it will offer investment banking and global markets services to clients across the Middle East and Africa.
Philip Lynch, CEO for Nomura Middle East and Africa, said: "In response to the increasing interest in doing business in Asia, we are able to provide clients reach and a depth of understanding in Japan, Nomura's home market, and across the continent."
Good stuff.. more international banks will follow. Best time to come to Dubai. Real estete is NOW affordable, no taxes et al.