London remains a top business centre, Nomura CEO says

23 November 2010

The position of London as a centre for business and financial services is secure, Nomura’s chief executive officer (CEO) has claimed.

Junichi Ujiie made the comments as part of an interview with the Daily Telegraph.

He said that London’s reputation as a hub for finance is still in place due to the government recently adopting a “more realistic and pragmatic approach” towards regulation.

Previously, the CEO warned that the government’s over-zealous attitude towards implementing taxes on banker bonuses could lead to firms moving their headquarters out of the UK.

Mr Ujiie told the news provider: “We had this argument several years ago when the euro became a strong currency. People asked should we move people from London to Frankfurt? Some banks really moved."

"[But they later concluded] Frankfurt is not really the place to live, let's go back to London."

He added: “It is not hard to create the hard infrastructure - like communications - but you need a large amount of energy to build the soft infrastructure for a global financial centre like good accountants, good corporate lawyers, English-speaking hospitals and schools and even theatres.”

Meanwhile, Nomura recently won a legal battle against WestLB at the London’s High Court.

The latter sought $22.3 million from the Japanese bank after it claimed the firm had acted “irrationally” when valuing securities of an investment fund.

By Jim Ottewill

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