Nomura Holdings, Inc., the holding company of Japanese financial services major Nomura Group, is establishing a wholesale division combining its investment banking and trading businesses. The company has elevated Jesse Bhattal as president and COO of the wholesale division, said a company statement.
Bhattal was previously chairman of Nomura’s Asia operation and was formerly Asia-Pacific CEO of Lehman Brothers. He has over 25 years of experience in the investment banking industry, and was a member of Lehman Brothers' global executive committee.
Apart from Bhattal, Nomura has also appointed Philip Lynch as CEO of Asia ex-Japan. Both the appointments will be effective from April 1, 2010.
The development came days after Sadeq Sayeed, the chief executive officer of Nomura Europe, resigned from his post.
The company states that the creation of the new division will bring greater synergies into investment banking and trading businesses across the regions. Nomura Holdings is engaged in investment and financial services business, with interest on securities businesses.
Takumi Shibata, deputy president and COO of Nomura, will take the charge of chairman and CEO of the wholesale division, in addition to his current responsibilities. Bhattal will be based in Hong Kong, and will report to Shibata about the developments.
On Bhattal’s appointment, Shibata, said, in the statement, “Bhattal’s unrivalled experience and track record in this industry makes him the best possible choice to take our wholesale businesses forward as we accelerate the globalisation of our businesses.”
Lynch, on the other hand, is currently the firm's CEO for the Middle East and Africa, and is responsible for expanding the franchise in that region. He was also a former Lehman Brothers’ executive and a co-head of the firm’s Asia investment banking division. He will also look after the Middle East and African operation, apart from Asia.
Last week, Nomura Securities International, Inc., has announced six key hires in its US convertible bonds sales and trading team. Early this month, the group has also named two hires in Nomura Financial Advisory and Securities India Pvt Ltd, the investment banking business of Nomura in India. The firm has also relocated Minoru Shinohara, CEO for Asia ex-Japan to Tokyo, to run Nomura's global equity and debt capital market new issue businesses.