Nomura Holdings Inc announced on Friday that it has received approval from the China Securities Regulatory Commission to establish a securities joint venture in China.

The new company, Nomura Orient International Securities Co. Ltd, is registered in Shanghai.

Nomura will continue to do some preparation work and open the company once some procedural requirements have been completed, according to a statement.

"This is an important step in building up our China business. With an increased presence in China, we aim to support economic growth in both China and Japan and firmly establish ourselves as a global financial services group with deep roots in Asia," said Nomura Group CEO Koji Nagai.

The new company will initially focus on the wealth management business to provide high-net- worth individuals in China with services leveraging Nomura's expertise in face-to-face consulting, the statement said.

The Japanese securities company plans to then develop its product distribution channels and expand into the wholesale services and other business segments, with the ultimate goal of growing the business into a full-fledged brokerage that will form a core part of the firm's strategy in Asia, except Japan, according to the statement.