When Nomura bought boutique Greentech for $100m in 2020, it was viewed as a chance for the Japanese bank to get a foothold in an increasingly hot area: advising corporations on sustainability. 

But for its European dealmaking team, it was also the start of a “difficult” journey to transform its advisory business in the region, according to Guy Hayward-Cole, who was installed as co-head of the division in April 2023.