Nomura gets German licence for post-Brexit Frankfurt base

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Japanese investment bank Nomura said today it had been granted a licence by German regulators for its new post-Brexit Frankfurt base.

Nomura confirmed it had received a licence from German financial regulator BaFin for its new Frankfurt subsidiary.

The bank said in a statement: “Nomura’s plans are well advanced and the license is a major step towards ensuring that all current client and counterparty relationships, and access to Nomura products and services, will continue without disruption after the UK leaves the EU.”

Read more: Japanese banks to shift London resources to Frankfurt after Brexit

The bank currently employs more than 2,000 staff in its City base. It did not say how many roles would be transferred to Frankfurt.

Other banks to move operations to Frankfurt following the Brexit vote in 2006 include Morgan Stanley, Goldman Sachs and fellow Japanese bank Daiwa.

Read more: Goldman Sachs' Blankfein thought Brexit would have had more negative effect

Other organisations have chosen to open in Dublin to give them a base within the EU once the UK has left.

These include Britain's biggest fund manager Aberdeen Standard Investments and legal giant DLA Piper.

Insurance market Lloyd’s of London announced earlier this month that it had received regulatory approval for its new subsidiary in Brussels.

Full story: Investment bank Nomura gets German licence for post-Brexit Frankfurt base: City A.M.

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