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Japan’s Nomura Holdings Inc. and Chinese sovereign-wealth fund China Investment Corporation (CIC) will set up a Japan-China industrial fund, according to an announcement released by Nomura Holding today.
The fund is expected to raise between 100 billion Japanese yen and RMB200 billion Japanese yen (US$1.8 billion), reported Bloomberg citing Nomura’s spokesman Kenji Yamashita.
Other Japanese financial institution, namely Daiwa Securities Group Inc., Mitsubishi UFJ Financial Group, Inc., Sumitomo Mitsui Financial Group, Inc., and Mizuho Financial Group, Inc., will also participate. Details regarding a final agreement and the fund have not been released today.
The establishment of the fund management company and the fund is subject to the execution of a final agreement, regulatory approvals by the relevant authorities including in Japan and China, and respective company board approvals.
The fund aims to enhance bilateral trade and investment relations between China and Japan by investing in Chinese and Japanese companies seeking to advance businesses into each other’s markets, as well as companies from other third-party countries.
The agreement’s timing coincides with Prime Minister Shinzo Abe’s three-day visit to Beijing starting Thursday, which is the 40th anniversary of the enforcement of a peace and friendship treaty between the two countries.
China will allow Foreign banks to set up wholly-owned banks and branches in China as along as banks keep at least 8% of yuan-denominated risk assets as reserves, according to a draft issued by the China Banking and Insurance Regulatory Commission (CBIRC) on Thursday, indicating China might release more liberty to the financial markets.
In June，Nomura also has applied to China Securities Regulatory Commission(CSRC) to set up a brokerage in the country to expand its investment and securities business to China.
Founded in 1925 and headquartered in Asia, Nomura Holding Inc. operates financial services in 30 countries. The Group owns four core business divisions, including retail, asset management, global markets and investment bank and merchant banking.
Source: China Money Netwok
