Japan banks continue post-Brexit departure from London

Tokyo

IN a further ominous sign for the post-Brexit future of the City of London, Sumitomo Mitsui Financial Group (SMFG), one of Japan's three "megabanks", intends to establish its new European head office in Frankfurt, the Nikkei business daily reported over the weekend.

Several other leading Japanese financial institutions including securities giant Nomura Holdings and Daiwa Securities Group have already announced plans to open subsidiaries in the key German financial centre and more could follow suit, analysts say.