Many leading financial institutions are planning to leave London following Britain’s exit from the European Union. Sumitomo Mitsui will shift its focus to Frankfurt to maintain its services with EU member states.Japan’s third-largest bank Sumitomo Mitsui (SMFG) has confirmed it will establish its European headquarters in Frankfurt with the aim of serving EU-based customers after Brexit, the company confirmed.
First reported by Japanese business magazine “Nikkei,” the relocation in the aftermath of Brexit will impact up to 1,000 London-based employees.
The news follows attempts by former minister of London, Mark Hoban, who will lead a delegation to meet with EU officials to discuss the future of the city’s financial district.
London currently ranks ahead of New York, Hong Kong, Singapore and Tokyo as the number one financial center in the world, according to the Global Financial Centers Index.
But the British capital’s influence could be waning with City banks threatening to relocate up to …