According to Reuters, Nomura has occasionally suffered significant financial setbacks in its attempts to expand its private banking offering internationally.

Therefore, one of Nomura’s goals is to increase income while reducing its sensitivity to market fluctuations.

Ravi Raju, who heads Nomura’s wealth management business ex-Japan told Reuters: “The plan for us is to grow to about 135 relationship managers in the next two years, which will help us double our business.”

To serve wealthy clients in Greater China, Southeast Asia, and the Middle East, the company presently employs 91 private bankers in Singapore, Hong Kong, and Dubai.

Nomura has reconfigured the company to be an integral part of the wholesale division which provides high net-worth people a wide range of investment products and services ranging from equity to structured products – much like what it does to institutional clients.

By March 2025, the bank is targeting doubling the assets under management in its foreign wealth management division from $15bn to $35bn, following a three-year business makeover that increased those assets and added 1,200 new customer accounts.

In the year up to March, revenue came to $100m.

In addition, Nomura announced the growth of its International Wealth Management division with facilities in Dubai International Financial Centre (DIFC).

It revealed last year that it would establish a Nomura Singapore Limited office in Dubai in order to broaden its client base and the reach of its relationship managers.

Since then, it has acquired a Category 4 licence from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services provided by or from DIFC.