Daiwa announces E.U subsidiary in Frankfurt
Daiwa Securities Group announced that it has decided to establish a new subsidiary in Frankfurt, Germany, and a license application to the German regulator will be made accordingly. The new subsidiary will be established so that Daiwa will continue to service its E.U. clients after Brexit, the company said in its brief press release.
The subsidiary should be operational starting with 2017, according to the Belfast Telegraph and it will be staffed initially with around 100 employees, a mix of local hires and relocated employees form London and Japan.
Japanese investment bank Daiwa has around 450 employees across Europe, most of them in London, where the regional headquarters will remain even after Brexit.
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According to reports, Daiwa was considering both Frankfurt and Dublin as locations for its new subsidiary before settling on the German city which could be the biggest beneficiary of the banking move post-Brexit.
Cities are competing not only for the new subsidiaries that will move to mainland Europe after UK leaves the European Union but also for the relocation of British-based EU agencies.
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