London is global choice for big name banks

A major Japanese bank has chosen the UK as the centre of its international operations and the ideal location to develop financial products to export into other markets.

The City is so attractive to foreign companies because it operates on a more international level than its rival, New York.

Kenichi Watanabe, the new president and chief executive of Nomura said in an interview with The Financial Times that “London will be the focus of our international operations.” He explained that the City is so attractive to foreign companies because it operates on a more international level than its rival, New York.

He commented that New York institutions focus mainly on the dollar but in London the bank can work with 38 different currencies.

The number of Nomura staff in the bank's UK office has increased 12 per cent to 1,400 over the past year, making London the mainstay for Nomura’s global operations.

Another banking giant, Citigroup, also plans to add senior members of staff to its London branch. It highlights the City's location at the centre of time zones and the market's large share of trading in foreign exchange and precious metals as reasons for its success.

Earlier this year, the Global Financial Centre Index confirmed that London was the top global financial centre after quizzing professionals about issues such as regulation, taxation and quality of life.