Sumitomo Mitsui Chooses Frankfurt for EU Base Following Brexit

Joins Nomura and Daiwa in picking German financial center
Sees continued ‘uncertainty’ in talks between U.K. and EU

Frankfurt, Germany.
Photographer: Alex Kraus/Bloomberg

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By Russell Ward

July 3, 2017 at 3:12 AM UTC

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Sumitomo Mitsui Financial Group Inc. has decided to set up banking and securities units in Frankfurt to maintain business in the European Union following the U.K.’s eventual departure from the bloc.