Nomura Holdings Inc. plans to hire more real estate bankers in Asian markets outside Japan, adding resources to growing areas as it exits unprofitable U.S. operations.
Japan's biggest brokerage, which expects to post a second-quarter loss after a charge of ¥73 billion on U.S. home loans, wants to increase banking staff in Singapore to at least 10 from four.
"We're seeking a sharp expansion in Asia," Hajime Itagaki, a managing director in charge of asset finance at Nomura, said in Tokyo. "You cannot ignore Asia when it comes to growth opportunities, as many Japanese companies have branched outside the domestic market."
Nomura aims to arrange asset finance deals and invest in more property in China, India, Vietnam and Singapore — some of the fastest-growing economies in the world. The brokerage competes with Morgan Stanley and Goldman Sachs Group Inc. in the Asian real estate market, where investment rose 42 percent to $94 billion in 2006, according to a Jones Lang LaSalle report.
Chief Executive Nobuyuki Koga is concentrating more on Asia as Nomura withdraws from some overseas operations, including residential mortgage-backed securities in the U.S.
It will cease making markets in U.S. Treasury bills and close its Chicago office to cut costs, Nomura said earlier this month.
The securities firm has about 40 property bankers in Japan, analyzing investment opportunities and arranging finance for real estate developers. Property prices in Japan started rising in 2006 after 15 years of decline.
Nomura in August acquired a 12-story parking structure in central Seoul for 45 billion won ($49 million).
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