Nomura and Lujiazui sign agreement for free trade zone
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Nomura and Lujiazui sign agreement for free trade zone 19 May 2014Tokyo Reporter: Tammy Facey
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Nomura Holdings has signed an agreement with Shanghai Lujiazui Financial Holdings to create a joint venture in the Shanghai free trade zone.
Lujiazui International Trust Co and Shanghai Jiu You Equity Investment Fund Management LLP have also signed the agreement to create the joint company.
Nomura wants to create a presence in the China onshore market and take advantage of the country’s financial asset growth.
Together, they have raised RMB 30 million ($4.7 million) in capital for the venture, which will become a subsidiary of Nomura.
The joint company will provide insight into the financial markets and products to banks in the Shanghai free trade zone, and will act as a gatekeeper for offshore products.
The proposed name of the joint venture will be Shanghai Nomura Lujiazui Investment Management Co.
Nomura will hold 60 percent of the business, with Shanghai Lujiazui Financial Holdings owning 20 percent. The remaining fifth of the business will be split equally between the remaining companies.
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