Mizuho Financial Group has become the latest of Japan’s major banks to earmark Frankfurt as the base for their securities operations in the wake of the UK’s decision to leave the EU.
The company said in a statement its Securities group, which includes sales & trading and investment banking operations, had started procedures for applying for a securities licence for a new subsidiary in the German financial hub that will “lead securities operations in the EU countries.”
Mizuho added:
The decision was made in the process of assessing the impact of Brexit – UK’s withdrawal from the European Union (EU), and against the background of continuing the effort to develop our network for servicing customers in Europe and around the world in a sustainable and reliable manner.
[...]One year ago, shortly after the Brexit vote, Mizuho reorganised its European operations and strengthened its Amsterdam office, where its banking unit already has passporting rights. Rivals SMFG and Mitsubishi UFJ Financial Group (MUFG) also have passporting rights through their banking units in the Netherlands. [...]
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