FRANKFURT, June 22 (Reuters) - Daiwa Securities Group will set up a subsidiary in Frankfurt, Japan’s No. 2 brokerage firm 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 firm had previously said it favoured the German city, as London-based staff can easily be transferred to its investment banking branch there.
In a statement on Thursday, Daiwa said it will apply for a license in Germany and that its move would “ensure that Daiwa can continue to service its clients in EU after the United Kingdom leaves”. (Reporting By John O‘Donnell; Editing by Maria Sheahan)