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Nomura COO expects overseas division to return to profit by March 2017

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Nomura COO expects overseas division to return to profit by March 2017

NomuraHoldings Inc. still expects its overseas business to turn a profitby March 2017 despite global headwinds, particularly the U.K.'s to leave the EuropeanUnion, Reuters reported July 8, citing the firm's COO, Tetsu Ozaki.

The COO previously said in April that the group's overseasbusiness is expected to return to profit by March 2017 after losses of ¥385 billionsince 2010. Ozaki reaffirmed that forecast, saying that since then, thebrokerage has seen demand for liquidity and hedging products as investorsgrappled with low interest rates and volatile foreign exchange markets in thewake of Brexit.

Earlier in 2016, Nomura shuttered a brokerage unit and cut hundreds of jobs inEurope and the Americas. The brokerage had said it was sticking to CEO KojiNagai's strategy of focusing on M&A advisory and primary equity and debtbusinesses in the Americas. It was also looking to enhance its wealthmanagement business in Asia excluding Japan.

As of July 8, US$1 wasequivalent to ¥100.49.