June 22, 2017 / 3:36 PM / 6 months ago

Japan's Daiwa chooses Frankfurt for base after Brexit

FRANKFURT, June 22 (Reuters) - Daiwa Securities Group will set up a subsidiary in Frankfurt, Japan’s No. 2 brokerage firm said on Thursday, making it one of the first banks to publicly chose Germany to keep a foothold in the European Union after Britain leaves.

The firm had previously said it favoured the German city, as London-based staff can easily be transferred to its investment banking branch there.

In a statement on Thursday, Daiwa said it will apply for a license in Germany and that its move would “ensure that Daiwa can continue to service its clients in EU after the United Kingdom leaves”. (Reporting By John O‘Donnell; Editing by Maria Sheahan)

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