HONG KONG - Nomura Holdings Inc's investment banking business in Asia is set to return to profit this fiscal year after more than a decade of losses since its Lehman Brothers acquisition, according to its division chief.
The cost cuts"will indirectly have a positive impact in terms of cost to my business", he said in an interview in Hong Kong. Coupled with the revenue gains, that means"all of a sudden, it's a game-changer year". While Nomura doesn't split out regional earnings figures for its investment banking unit, wholesale revenue - which also includes global markets - in Asia ex-Japan jumped 53 per cent in the nine months ended Dec 31. Pre-tax profit from the region was 23.1 billion yen for the period, compared with a 3.7 billion yen loss a year earlier.
The bank set up a joint entity with the markets division two years ago to better structure financing deals when advising clients on mergers and stock and bond transactions. One growth area is to provide leverage to hedge funds and insurers to purchase high-yield bonds underwritten by the bank, allowing it to earn multiple fees from one transaction, he said.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: The Straits Times - 🏆 8. / 63 Lire la suite »