Top Japanese Bank, the EU’s contacts customers about Frankfurt migration ahead of the British exit from the EU

  • Top Japanese Bank, the EU’s contacts customers about Frankfurt migration ahead of the British exit from the EU
    Independent.t. E.
    Japanese banking giant Nomura began to contact customers for transfer of business from London to Germany, as it ramps up preparation for a tough quarter, and month.
    https://www.independent.ie/business/brexit/top-japanese-bank-contacts-eu-clients-about-frankfurt-migration-ahead-of-hard-brexit-37195809.html
    https://www.independent.ie/world-news/article37195808.ece/2918b/AUTOCROP/h342/ipanews_32ebf1be-370c-416c-bfcb-52ed826808b8_1

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Japanese banking giant Nomura began to contact customers for transfer of business from London to Germany, as it ramps up preparation for a tough quarter, and month.

Customers EU trading unit are requested to collect the documents that will allow them to do business with a new Nomura Frankfurt the face, which was granted in the securities trading license the German regulator in June.

His new entity – which will operate as Nomura financial products in Europe or the NFPE – will have its headquarters in the German financial center with branches in Finland, France, Italy, the Netherlands, Spain and Sweden.

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A copy of the letter sent to customers, seen by the press Association, said:

“We are ready to start adaptation of customers to the entity, so we are fully prepared in case of heavy British exit from the EU – that is that the UK leaves the EU on 29 March 2019 and UK financial institutions are losing the certification rights at the time.

“We recognize that the transitional arrangements, this period may be extended, but since it is not known how widely these systems can be, or what services they will cover, we are making plans to ensure that our services can continue without disruption in any way.”

Customers who use shopping services will collect the documents that will allow them to continue executing transactions and transactions with Nomura.

It is expected that the documents then have to go through the verification of the Bank before the account can be formally transferred to Frankfurt.

Nomura said it expects its operations to the EU will be ready for transactions, and transactions with customers in the first quarter of 2019, but said that official notice will be sent closer to the time after “the exact start date has been agreed”.

The Bank has hired Allen & Overy as a lawyer in the process.

Press Secretary Nomura confirmed the contents of the letter, but declined to comment further.

It makes Nomura was one of the first London banks to appeal to customers in preparation for the post-British exit from the EU trade relations.

But a city source said that most banks with trading operations in the UK are preparing for similar steps, with customers expected to receive the message in the coming weeks.

Customers of the EU, most likely, have to complete the process several times, as they often conduct transactions with banks, also preparing for the post-British exit from the EU rules.

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