HONG KONG May 19 Nomura Holdings Inc
will establish a joint venture in the Shanghai free trade zone
aimed at marketing investment products and advice to
institutions within the zone, the Japanese investment bank said
Nomura will own 60 percent of the proposed venture, with the
rest divided between Shanghai Lujiazui Financial Holdings Co
Ltd, which is the holding company of a state-owned developer,
and local fund Shanghai Jiu You Equity Investment Fund
Under the structure of the joint venture, Nomura cannot sell
financial products directly to Chinese clients. Instead it can
offer advice and financial products to branches of its local
partner, which can then sell them to investors.
The venture will be launched with 30 million yuan ($4.81
million) in capital.
($1 = 6.2334 Chinese Yuan)
(Reporting by Lawrence White; Editing by Christopher Cushing)