Nomura agrees to acquire Lehman’s service platform in India
Tuesday, October 7, 2008 at 4:10 am
Tokyo-based financial services major, Nomura Holdings, today (Oct 6) agreed to buy certain India operations of the bankrupt US-Investment Bank Lehman Brothers.
The acquisition will include Lehman’s three major arms in the country–Lehman Brothers Services India Private Limited, Lehman Brothers Financial Services (India) Private limited and Lehman Brorthers Structured Finance Services Private Limited, a Nomura Holdings’ press statement said
today.
The move follows Nomura’s announcement last month to acquire the collapsed US-Investment Bank’s franchise in the Asia Pacific Region and its European and Middle Eastern equities and investment banking operations.
The acquisition will add to Nomura’s Global network approximately 3,000 employees, including 1,200 IT professionals.
“The acquisition of Lehman’s operations in Powai is an important component of our Global expansion strategy. It will allow us to significantly enhance our global service platform to support the business expansion that combined talents of Nomura and Lehman will drive going forward,” Nomura’s President and CEO, Kenichi Watanabe said in the statement.
Lehman’s Powai operations were established in 2005 with a view to provide operational support to its India operations, particularly in the area of IT, across the Lehman network.
Following the purchase, all assets as well as issued and outstanding shares of the three companies will be purchased by Nomura, the statement said.
The acquisition will significantly enhance Nomura’s IT functions and other support operations including financial control, operations and risk management, it said.
Besides, it would also provide the analytical support for various business verticals including investment banking, capital markets, research and prime services, the company said.
Nomura has operations in 30 countries, with regional headquarters in Hong Kong, London and New York. The company employs around 18,000 staff worldwide.
(PTI)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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