Nomura joins global peers in post-Brexit move to Paris
(4 October 2018 – UK) In another boost to Paris’ bid to become the continent’s leading banking centre post-Brexit, Nomura is in advanced talks with regulators about using the French capital as its European lending hub.
While Nomura has already announced that it will use Frankfurt as its trading hub after th Uk leaves the EU, the Japanese bank wants to use Paris as an alternative banking hub for clients who want to borrow from an EU counterparty, instead of continuing to deal with Nomura’s existing Europe, Middle East and Africa hub in London.
Like other banks, Nomura is also planning to repatriate a small number of bankers to the EU countries that they cover, i.e. bankers covering Spanish companies could move to Madrid and those covering Italian companies could move to Milan.
The Japanese bank joins HSBC, JPMorgan, Bank of America, Société Générale and BNP Paribas who have all said they will move some, and in certain cases all, of their EU business to Paris.
Nomura’s discussions with Paris come as an increasing number of Japanese companies in banking, manufacturing and other sectors consider restructuring moves ahead of Brexit, with a particular emphasis on shifting financing departments from the UK to continental EU hubs.
Last month, Panasonic became the first Japanese manufacturing company to explicitly link Brexit upheaval to the decision to move its European headquarters from the UK to the Netherlands.