Japan’s Sumitomo Mitsui Financial Group (SMFG) has announced plans to establish a subsidiary in Frankfurt, Germany, to brace up to Britain’s departure from the European Union.
The decision covers the financial group’s banking arm Sumitomo Mitsui Banking (SMBC) as well as securities unit known as SMBC Nikko Capital Markets, which according to the company could “face future restrictions” as a result of Brexit.
Go deeper with GlobalData
The company in a statement said that the decision to set up a Frankurt subsidiary aims to ensure that it “can continue offering banking services to clients with no disruption once the UK leaves the EU”.
At the same time, SMFG also unveiled plans to establish a London branch. All the new plans are subject to regulatory nod, the Japanese group said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
