May 8, 2018 / 11:40 AM / 13 days ago

China reviewing Nomura application to set up JV brokerage

BEIJING, May 8 (Reuters) - China’s securities regulator has received an application from Nomura Holdings Inc, 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. (Reporting by China monitoring desk and Kevin Yao)

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