Even if globalisation has been halted by the Covid-19 pandemic, as some maintain, complex international mergers continue to take place. Nomura’s Europe, the Middle East and Africa (EMEA) mergers and acquisitions (M&A) team has been very busy with cross-border deals recently, and may even have solved the ‘prisoner’s dilemma’ that plagues German takeovers.
The Japanese bank no longer tries to compete across all products with bulge-bracket firms in the US and Europe. In Europe it has withdrawn from traditional cash equity trading and distribution, though it owns the electronic trading platform Instinet and it remains active in debt capital markets across the board.
