Japanese investment bank Nomura has obtained a securities trading licence from German financial regulator BaFin for its new Frankfurt-based unit.

The new unit, named Nomura Financial Products Europe, will serve as the bank’s EU base post Brexit. The bank applied for the licence for the new entity in June last year.

Nomura currently has a workforce of over 2,000 in London. The bank has not revealed the number of roles that will be moved to Frankfurt in the wake of Brexit.

“Nomura’s plans are well advanced and the licence is a major step towards ensuring that all current client and counterparty relationships, and access to Nomura products and services, will continue without disruption after the UK leaves the EU,” the bank said in a statement.

Frankfurt has emerged as one of the most preferred options for financial services firms looking to secure their business once Britain quits the EU. This includes Japan’s Sumitomo Mitsui Financial Group and Daiwa.

The German city has also been selected as the post-Brexit EU base by Morgan Stanley, Standard Chartered, and Goldman Sachs.

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