Sumitomo Mitsui to open office in Frankfurt office

The bank is avoiding Brexit 'disruption'.

According to a report by The Telegraph, Japanese giant Sumitomo Mitsui Financial Group (SMFG) has become the third Japanese firm in less than a fortnight to unveil plans to open a business in Germany that will act as its EU hub following Brexit.

"The company, which has the headquarters for its European operations in London, announced that both its main banking business and its investment banking division would set up subsidiaries in Frankfurt," added The Telegraph.

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