AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Daiwa Securities Group will set up a subsidiary in Frankfurt, Japan's No. 2 brokerage said on Thursday, making it one of the first banks to publicly chose Germany to keep a foothold in the European Union after Britain leaves the bloc. The announcement, which comes as several other banks prepare a similar move, shows financial groups are pressing on with plans to relocate part of their businesses, regardless of the shape of a final deal reached in Brexit divorce talks.
Such moves are set to further bolster Frankfurt's influence. Despite its small size and dull image, the city is favoured because it is the financial capital of Europe's biggest economy and also home to the European Central Bank. Nomura, Japan's biggest brokerage, has also picked Frankfurt as its EU headquarters after Brexit, one person with knowledge of the matter said.
Several other banks are poised to make a similar move, said two people familiar with those discussions. Daiwa had previously said it favoured the German city, because London-based staff could easily be transferred to its investment banking branch there. Daiwa said in a statement on Thursday it would apply for a licence in Germany and its move would "ensure that Daiwa can continue to service its clients in EU after the United Kingdom leaves".
The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. Frankfurt, which has long grappled with an unfavourable backwater image, promotes itself as a stable city for banks seeking to relocate, while the German government and politicians have discreetly welcomed those looking to move.
Britain's future following Brexit talks to leave the trading bloc is more uncertain than ever after an election where voters denied its Prime Minister Theresa May a majority in parliament. Against this backdrop, Germany's steady, if sometimes grey, image holds appeal.

Copyright Reuters, 2017

Comments

Comments are closed.