Nomura Holdings Inc announced on Friday that it has executed a memorandum of understanding (MOU) with the Industrial and Commercial Bank of China (ICBC) to explore potential opportunities for business collaboration
Under the agreement Nomura, which is Japan’s biggest brokerage, will explore cooperation with ICBC to provide financial services in China.
ICBC is China’s largest bank as well as the biggest bank in the world in terms of total assets, deposits, loans and customer numbers.
Nomura said in a statement that it expects its presence and operations in the Chinese market to see medium and long-term growth as a result of the agreement, although it did not specify what kind of financial services it expected to be the object of cooperation.
The Japanese brokerage currently has offices in both Beijing and Shanghai, with Asian operations excluding Japan posting strong results in the second quarter, despite a poor domestic performance contributing to a rare quarterly loss during the same period.