Oct. 19 (Bloomberg) -- Nomura Holdings Inc., Japan’s largest brokerage, plans to buy General Electric Co.’s finance unit in China to expand into yuan-denominated products, a person with knowledge of the matter said.

Nomura is awaiting approval from Chinese regulators to acquire GE Capital Finance (China), said the person, declining to be identified because the matter is confidential.

Nomura’s Tokyo-based spokeswoman Keiko Sugai declined to comment. Two calls to GE Capital’s Shanghai office weren’t immediately answered.

Nomura will apply to convert GE Capital’s Shanghai-based business into a bank if it wins approval for the acquisition, the Wall Street Journal reported earlier today.

--Editor: Chitra Somayaji

To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net;

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net