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Nisha Gopalan

Nomura's Overseas Revival Has Legs

After six years of struggle, the Japanese brokerage is leaner and more focused.

Nomura Holdings Inc. has finally turned its international foray into a success.

The Japanese brokerage's first full year of overseas profit in seven years is a milestone in its struggle to build a global investment bank from the ashes of Lehman Brothers Holdings Inc.'s European and Asian operations. Nomura is leaner and more focused than the last time it showed positive earnings from abroad, suggesting the gains will be easier to sustain this time -- provided it goes easy on a mooted U.S. expansion.