BOAO, China -- Nomura Holdings obtained approval on Friday to open its first securities unit in China, after regulators in Beijing last year raised the cap on foreign ownership of such businesses to allow a majority stake.
The joint venture will be named Nomura Orient International Securities, the Japanese company said in a statement. Nomura will own 51%, with the rest held by local partners including trading group Orient International. Nomura had filed for approval in May, soon after the cap was raised to 51% from 49%.
