CORRECTED - CORRECTED-(OFFICIAL)-UPDATE 1-Nomura plans full-scale operations
(Company corrects paragraph five to ... last month..., not ... this month.) (Recasts, add details)
By Sachi Izumi
TOKYO, July 18 (Reuters) - Nomura Holdings (8604.T), Japan's biggest brokerage firm, said on Friday it will launch full scale operations in India, expanding into stock trading and asset management.
Japanese securities houses are increasingly seeking growth overseas given a mature economy and shrinking population at home.
The announcement comes on the heels of a tie-up between Daiwa Securities Group Inc (8601.T) and Brazil's Banco Itau (ITAU4.SA) in asset management, investment banking and broking. [ID:nT241935]
"We see big growth potential in India, not just in investment banking operations but also in retail and asset management," Nomura spokesman Michiyori Fujiwara said.
Nomura said it acquired licenses for trading stocks, stock futures and options in India last month and has agreed with a unit of India's Life Insurance Corp to form an alliance in asset management operations.
It has also gained membership to India's Bombay Stock Exchange and National Stock Exchange and is seeking an investment banking license.
Nomura plans to handle stock transactions for Japanese investors and aims to tap demand among institutional investors in India.
Shares in Nomura gained 2.5 percent to 1,570 yen in morning trade, in line with Tokyo's securities subindex .ISECU.T.
Nomura set up a unit in Mumbai in April 2007. It currently has 17 employees there and aims expand that to about 50 by the end of March. It also intends to set up a new research department. (Reporting by Sachi Izumi; Editing by Edwina Gibbs)
