June 27, 2017 / 8:36 AM / 2 years ago

Nomura, gearing up for Brexit, applies for license to operate in Frankfurt

TOKYO, June 27 (Reuters) - Nomura Holdings Inc said on Tuesday it is applying for a license to operate a new entity in Frankfurt, as Japan’s largest brokerage group prepares for Britain’s exit from the European Union.

Nomura said in a statement it would be prepared to provide uninterrupted service to clients by the time of Britain’s exit from the bloc, regardless of the final terms of the departure.

The announcement comes as several other banks prepare a similar move to Frankfurt. Daiwa Securities Group, Japan’s second-largest brokerage, said last week it would set up a subsidiary in the city.

Nomura’s and Daiwa’s moves show that financial groups are pressing on with plans to relocate part of their businesses, regardless of the shape of a final deal reached in Brexit divorce talks. (Reporting By Thomas Wilson; Editing by Muralikumar Anantharaman)

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