Japan's Nomura ties up with regional bank Hyakujushi to boost wealth business
TOKYO (Reuters) -Nomura Holdings, Japan's largest securities firm, said on Monday it has partnered with regional lender Hyakujushi Bank to boost its wealth management services. Hyakujushi Bank, based in Kagawa prefecture, will pass on some of its customer accounts, such as stock and bond investment trust accounts, to Nomura, which, in turn, will transfer staff to Hyakujushi and provide access to its financial platform, according to the statement from Nomura. Japan's financial institutions have sought to develop their asset and wealth management businesses to generate income from the mammoth savings held by Japanese households, of which around half is currently held in cash and deposits.