Case | HBS Case Collection | August 2009

Nomura's Global Growth: Picking Up Pieces of Lehman

by C. Fritz Foley and Linnea Meyer


What issues commonly arise in international financial management? Kenichi Watanabe and Takumi Shibata, CEO and COO of Nomura Holdings Inc., one of the leading investment banks in Asia, have the opportunity to expand their firm internationally through the acquisition of various parts of Lehman Brothers, an insolvent global investment bank. In evaluating this opportunity, students must consider the complexities of such expansion, including the challenges posed by a multinational insolvency, the difficulties of post-merger integration in a cross-border acquisition, and more general issues related to currency hedging and international taxation.

Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Investment Banking; International Finance; Cross-Cultural and Cross-Border Issues; Expansion; Financial Services Industry; Japan;


Foley, C. Fritz, and Linnea Meyer. "Nomura's Global Growth: Picking Up Pieces of Lehman." Harvard Business School Case 210-017, August 2009.