Japanese investment bank Nomura is setting up a foreign exchange trading team in Dubai to meet growing demand among its institutional clients to trade Mena currencies, the bank said on Monday.

Nomura said it had hired three specialists in its Dubai International Financial Centre branch, including team leader Hyeonmuk Mun, who had 15 years of experience in trading in the Middle East and Africa with RBS Global Markets, Calyon CIB and Citibank.

The Japanese bank had last week got Saudi regulatory approval to offer foreign investors indirect access to the Kingdom's stock market through swap products, joining a growing list of banks beefing up their presence ahead of a market liberalisation there.-Reuters