Outside its home market of Japan, Nomura is on the cusp of becoming a living, breathing example of the next incarnation of investment banking. With minimal commercial lending activities and a recently slimmed down product offering, its European business is nimble and plays to its strengths.
As regulatory reforms continue to bite and tough market conditions limit deal activity, a strategy based on sensible use of capital and delivering in key areas of expertise certainly makes sense. These merits have not been lost on those the bank serves.
