Japan’s biggest brokerages are heading to Frankfurt.

Bloomberg News reports that Nomura has picked the German city as the headquarters for its European Union operations after the U.K. leaves the bloc, according to people with knowledge of the matter. Smaller rival Daiwa Securities said it will establish a subsidiary there to continue to service clients in the EU after Brexit.

Nomura will start preparations this month to form a base in Frankfurt, one of the people said, asking not to be identified as the matter is confidential. It will seek regulatory approval and find office space before transferring fewer than 100 employees from London to the city, according to the person. Daiwa will apply for a license to the German regulator, the Tokyo-based company said in a statement on Thursday.

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Nomura Chooses Frankfurt as EU Base After Brexit

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