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Finance

Brexit fears prompt SMFG move to Germany

UK's likely loss of 'financial passport' would curb access to EU market

TOKYO -- Sumitomo Mitsui Financial Group intends to establish its new European head office in Frankfurt, relocating to Germany because the current U.K. subsidiary likely will become unable to lead the Japanese megabank's operations in the European Union.

Britain's coming departure from the EU appears likely to result in the country's loss of the so-called financial services passport, which lets banks with an EU license open branches anywhere within the bloc. Though Ireland's Dublin also was considered, SMFG chose Frankfurt, which offers ample talent in the law and finance.

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