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Investing.com -- Nomura Holdings (NYSE:NMR), the largest securities firm in Japan, announced Monday that it has formed a partnership with Hyakujushi Bank, a regional lender based in Kagawa prefecture.
According to Nomura’s statement, Hyakujushi Bank will transfer some of its customer accounts, such as stock and bond investment trust accounts, to Nomura.
In return, Nomura will send its staff to Hyakujushi and provide the bank with access to its financial platform.
The partnership comes as financial institutions in Japan are striving to expand their asset and wealth management businesses. These efforts are aimed at generating income from the vast savings of Japanese households, approximately half of which are currently held in cash and deposits.
Nomura CEO Kentaro Okuda noted the growing interest in asset formation at a press briefing.
Furthermore, Nomura and Hyakujushi are planning to collaborate on advising customers on matters such as inheritance, business succession, and public listings.
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