May 8, 2018 / 11:53 AM / 5 months ago

China reviewing Nomura application to set up JV brokerage

BEIJING (Reuters) - China’s securities regulator has received an application from Nomura Holdings Inc (8604.T), Japan’s biggest brokerage and investment bank, to set up a join-venture brokerage in China, it said on Tuesday.

The China Securities Regulatory Commission will examine Nomura’s application effectively and according to the law, the regulator said in a statement published on its website.

Nomura aims to hold a 51 percent stake in the brokerage, it added.

Nomura is ready to serve wealthy Chinese as soon as the world’s second-largest economy allows foreign financial institutions to open securities brokerages, the chief executive of Nomura said in December.

In April, China laid out a clearer timetable for opening up its financial sector, including raising foreign ownership limits to 51 percent in securities, fund management and futures firms, as it looks to fend off criticism from the United States and other trading partners that it unfairly limits competition.

UBS Group (UBSG.S) said last week that its China joint venture is looking for a controlling stake of 51 percent.

Reporting by China monitoring desk and Kevin Yao

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