Today, Nomura, a Japanese investment bank, said that it had been given a licence by the regulators in Germany for its new base in Frankfurt after Brexit.
Nomura announced that it had received a licence from BaFin, the financial regulator of Germany, for its new subsidiary that will be located in Frankfurt.
This follows that plans of Nomura to transfer fewer than 100 people to Frankfurt from London that was revealed last June after seeking regulatory approval and office space. The company began preparations during the same month.
In a statement, the bank stated: “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.”
Currently, the bank employs over 2,000 employees in its base in the City. The company did not disclose the number of roles that would be relocated to Frankfurt.
Other banks that are set to transfer their operations to Frankfurt after the Brexit vote in 2006 include Goldman Sachs, Morgan Stanley, and Daiwa, another Japanese bank.
Frankfurt is the home of the European Central Bank. It has emerged to be one of the most favoured options for global banks that are seeking to relocate jobs from London.
These include Aberdeen Standard Investments, the biggest fund manager of the United Kingdom, and DLA Piper, a legal giant.
Other organisations have opted to open in Dublin to give them a base that is within the European Union once the United Kingdom has left the bloc.
Nomura had considered other cities including Luxembourg, Paris, and Munich to house its operations in the European Union.
Earlier this month, insurance market Lloyd’s of London revealed that it had received an approval from the regulators for its new subsidiary in Brussels.