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Sumitomo Mitsui Financial Group to establish banking unit in Germany as the UK leaves EU

( July 3, 2017, 06:57 GMT | Official Statement) -- MLex Summary: Sumitomo Mitsui Financial Group will establish a wholly owned banking subsidiary in Germany because the Japanese company's UK subsidiary, Sumitomo Mitsui Banking Corporation Europe, could face restrictions in certain services because of the country's planned withdrawal from the European Union.  The company plans to set up a subsidiary in Frankfurt, subject to regulatory approval, to ensure that the bank can continue providing services with clients once the UK leaves the EU. The company will also establish a securities subsidiary in Germany upon regulatory approval. ...

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