* Nomura undergoing major restructuring to cut $1bln in
* Nomura relocating new global M&A head Kimura to Hong Kong
By Denny Thomas
HONG KONG, Dec 24 Nomura Holdings Inc
has wound down its five-member Hong Kong-based financial
institutions group (FIG) banking team as part of a wider
reorganisation of its investment banking business, sources
familiar with the matter said on Monday.
The team, headed by Petter Sternby, was shut last week,
though many in the group were prepared for such an outcome, the
sources said. Sternby and insurance specialist Peter Goulston
were the two managing directors in the team, while the rest were
lower-ranking executives, the sources said.
The FIG team focused on advising banks, insurers and fund
management companies on mergers and acquisitions, capital
raising, and restructuring. The team had recently advised
Singapore's United Overseas Bank Ltd on the purchase
of ING Groep NV's Thailand asset management business.
A Nomura spokeswoman in Hong Kong declined to comment on the
move, but said: "Nomura's client coverage is aligned by country
and product expertise which is a more efficient and sustainable
model in the current environment."
Earlier this year, Nomura also closed down its technology,
media and telecommunications banking team in Hong Kong, sources
The sources declined to be identified as the information was
Nomura, Japan's biggest brokerage, is in the process of
restructuring which aims to cut around $1 billion in costs. Its
loss-making European operation is expected to take the biggest
The Japanese bank is also relocating the newly-named global
head of M&A Kenji Kimura to Hong Kong, according to a memo
obtained by Reuters. Kimura was recently promoted to the role
following the departure of the other co-head of global M&A Piero
(Reporting by Denny Thomas; Editing by Daniel Magnowski)