Japan’s SMFG completes transfer of securities business to UK subsidiary

SMBC Nikko Capital Markets will be closing down its Abu Dhabi branch.

Sumitomo Mitsui Financial Group has successfully transferred its securities business from SMBC Nikko Capital Markets to SMBC Bank International (SMBC BI), its UK-based commercial banking subsidiary.

With the completion of this transfer, SMBC BI has officially commenced operations as a universal bank, the Japanese megabank said in a press release.

SMBC Nikko Capital Markets will remain the booking entity for derivative transactions.

As part of the transfer, SMBC Nikko Capital Market’s branch at the Abu Dhabi Global Market financial centre has ceased marketing and, once local legal obligations have been met, will be closed down. 

Meanwhile, SMBC BI has established a new ADGM branch to support Middle Eastern clients.