JAPANESE investment bank Daiwa is understood to be finalising plans to set up a new European base in Frankfurt as part of its Brexit strategy, a move that will see a number of London staff relocated to Germany.
Daiwa currently serves European clients through its wholly-owned subsidiary - Daiwa Capital Markets Europe - which is headquartered in London.
But the Press Association understands that Daiwa is now on course to set up a new EU hub in Frankfurt in order to continue accessing the single market after Britain leaves the bloc.
The Frankfurt operation is expected to start with less than a hundred employees, staffed by a mix of local hires and transfers from other locations including London and Japan.
Daiwa has around 450 employees across Europe, most of which are based in London - which will remain its regional headquarters.
A firm decision will be made this summer and would revive the firm's German offices, which were closed down as part of an efficiency drive.
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