SINGAPORE - Japanese financial group Nomura plans to set up a Singapore-based business dealing with the financing of infrastructure projects in Asia.

It expects to launch the new business in August, Nomura said in a statement on Wednesday (June 1).

The business is a new growth area for Nomura that will focus on demand for funds to finance infrastructure projects in Asia as global investors increasingly seek alternative investments, it said.

"This is an exciting development for Nomura as we look to help our clients in Asia add value to their businesses through investment in infrastructure projects," said Mitsutoshi Murakata, head of the Asia infrastructure project office.

"Nomura's long-term strategy is focused on the growth of Asia and we want to help facilitate the development of the region by connecting markets east and west as Asia's global investment bank."