July 3, 2017 / 4:23 AM / 2 years ago

Sumitomo Mitsui to set up Frankfurt unit in preparation for Brexit

FILE PHOTO - A sign board of Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group Inc (SMFG), is seen outside its branch in Tokyo July 30, 2014. REUTERS/Yuya Shino/File Photo

TOKYO (Reuters) - Sumitomo Mitsui Financial Group Inc (8316.T) said on Monday its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt as it prepares for Britain’s exit from the European Union in 2019.

The move is "to ensure that SMBC can continue offering banking services to clients with no disruption once the UK leaves the EU," the Japanese financial group said in a statement: bit.ly/2tgc4RR

Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman

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