Nomura Holdings is conducting preliminary internal discussions about bringing bankers back to its Hong Kong equity capital markets business, Reuters reported on Wednesday, citing two people familiar with the matter. If implemented, the move would reverse a multi-year contraction of the bank’s footprint in the Asian financial hub.
The conversations are focused on recruiting personnel in Hong Kong to support the unit that helps companies sell shares. Company insiders have characterized the talks as early-stage and exploratory. The potential expansion is intended to position Nomura to take advantage of a strengthening equity fundraising market in Hong Kong.
Over the past three years Nomura substantially scaled back its operations in the city. In 2023 the bank trimmed staff and partly withdrew from its Hong Kong business amid a period of weaker equity capital markets activity across the city and mainland China. Those decisions reflected the market environment at the time, when ECM deal flow had declined.
This year Hong Kong has seen a pronounced surge in IPO activity, driven largely by a wave of high-profile listings tied to artificial intelligence. That IPO boom has helped attract flows into the wider equity complex in Hong Kong, contributing to a partial recovery after several years of underperformance.
The report does not indicate any finalized hiring decisions or provide a timeline for recruitment. It also does not detail the size of any potential new team or the specific sectors or deal types the bank would prioritize should it rebuild its ECM presence in Hong Kong.
Sector context
- Equity capital markets - the primary business line discussed, involving underwriting and distributing share offerings.
- Investment banking and financial services - the broader category affected by any staffing changes.
- Technology-linked IPOs - noted as a key driver of the recent surge in Hong Kong listings, particularly artificial intelligence-related offerings.
Notes on sourcing and limits
The information summarized here is based on a report that cited two people familiar with the matter. The discussions are described as internal and at an early stage; no formal announcement, timeline, or detailed staffing plan has been reported.