Nomura Holdings plans to scale back a brokerage venture with messaging app operator Line Group amid a gloomier outlook for the business.
As part of the restructuring, Japans biggest securities firm will take over the management of client brokerage accounts while the venture, Line Securities, will focus on foreign-exchange margin trading services, the companies said Monday.
The move marks another setback for Nomura, which had battled losses at the venture as it sought to obtain younger, tech-savvy clients. Last year, it pumped more money into the entity, which was formed in 2019 and offered financial services via smartphones.
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Read the full article at: https://www.japantimes.co.jp/news/2023/06/13/business/corporate-business/nomura-line-brokerage-restructuring/