Wells Fargo & Co. plans to establish a new unit in Paris to serve as its European Union hub after the U.K. exits the bloc.

The U.S. bank said Oct. 16 that it has applied for an investment firm license from the French Prudential Supervision and Resolution Authority for Wells Fargo Securities Europe S.A. The envisaged post-Brexit unit will offer capital markets and investment banking services to European and international clients who need access to the EU.

London-based Wells Fargo Securities International Ltd. will continue to serve the bank's clients in the U.K. and from other non-EU markets.