Japanese financial holding company Nomura has removed its five-member Hong Kong-based financial institutions group (FIG) banking team, in a bid to restructure its investment banking business and save over $1bn.
Reuters reported quoting sources familiar with the matter that the team headed by Petter Sternby, was wound down a few days ago.
The team comprised two managing directors including Sternby and insurance specialist Peter Goulston, while the remaining two were lower level executives.
The team was mainly engaged in advising banks, underwriters and fund management enterprises on mergers and acquisitions, restructuring and raising funds.
Recently, it offered advice to Singapore-based United Overseas Bank for the acquisition of ING Groep NV’s Thailand asset management business.