Nomura (NMR) to Base Operations in Frankfurt After Brexit

Nomura (NMR) to Base Operations in Frankfurt After Brexit”

Nomura Holdings Inc picked Frankfurt as the headquarters for its European Union operations after the United Kingdom leaves the bloc, people with knowledge of the matter said.

Japan's biggest brokerage will start preparations this month to form a base in the German financial center, one of the people said, asking not to be identified as the matter is confidential.

Nomura plans to seek German regulatory approval later this month, before finding office space and transferring around 100 employees from London to Frankfurt.

Today the Japanese bank announced a decision to apply to German regulators for approval for a new subsidiary in Frankfurt, to ensure it can service clients in the European Union after Brexit.

Germany has thrown its hat into the ring to host the London-based European Medicines Agency (EMA) and the European Banking Authority (EBA) following Britain's departure from the EU, though diplomats say both will not go to a single country.

A translation of the group's press release said: "Daiwa Securities Group, Inc. announced today that it has made a decision to establish a new subsidiary in Frankfurt am Main (Germany) and will make a license application to the German regulator accordingly".

"The role of Frankfurt as the center of banking supervision in Europe could be further strengthened and completed by a shift of the European Banking Supervisory Authority, which is still based in London", it added. In the last fiscal year, Nomura reported profits from its overseas operations for the first time after cutting nearly 900 jobs in Europe and the United States. Lenders Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. have been building their presence in Amsterdam, where they hold a banking license that gives them access to the EU.

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