December 14, 2018 / 3:09 PM / 6 months ago

Mizuho gets license for Frankfurt subsidiary ahead of Brexit

LONDON, Dec 14 (Reuters) - Japan’s Mizuho Financial Group has won approval from Germany’s financial regulator for a securities license for its Frankfurt-based European business, to ensure it can retain access to the region’s markets when Britain exits the European Union.

The approval, announced on the Japanese bank’s website, will ensure the lender’s London-based international business can continue serving customers in the EU even if Britain loses access to the bloc’s markets when it exits in March 2019.

The license approval for the Japanese lender is the latest in a string of such moves by international banks in Europe, as they press ahead with plans to mitigate the worst-case scenarios for banks under which Britain crashes out of the EU without a deal.

“Our strategy is to make the assumption that there will be a hard Brexit, I think it would be negligent of us not to plan for it in that way,” a senior official at the bank said.

Reporting By Abhinav Ramnarayan, writing by Lawrence White; Editing by Kirsten Donovan

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