Nomura to establish entity in Frankfurt for EU access

Nomura has applied for a license in Germany to operate a new entity following the UK’s departure from the EU.

Asian investment bank Nomura has confirmed it will establish a new entity in Frankfurt following the UK’s decision to leave the EU.

It has begun formal applications for a license in Germany to operate in the city having planned the move since the referendum took place.

“Nomura will be fully prepared to provide a continued, uninterrupted service to its clients by the time the UK exits the EU in 2019,” the bank said.

The move will ensure the company meets the needs of its global and regional clients, no matter what the final terms of the UK’s exit from the EU will be.

Nomura is the latest to confirm its plans for Brexit, with reports of Barclays and Standard Chartered opting for a new headquarters based in Dublin.

HSBC has stated it will move 1,000 jobs to Paris post-Brexit and UBS is believed to have plans to move 1,500 jobs from the UK to Frankfurt.

Deutsche Bank confirmed recently it will remain in the UK’s capital after the UK has left the EU with a new headquarters in London.

An internal memo written by Deutsche Bank’s chief executive officer in the UK, Garth Ritchie, explained the decision reflects the bank’s commitment to the city despite Brexit.

“The move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital,” the memo said.