British Banks Serious About Move to Germany

Canary Wharf Bank Skyline
This view will be replaced by Frankfurt's skyline for a number of London bankers. Source: DPA/HANNAH MCKAY

It’s long been known that, despite Europe’s Brexit blues, Germany’s financial sector might actually benefit from Britain’s decision to leave the European Union. Now it’s starting to get serious: Several London banks have reached out to the financial regulator BaFin about moving either their headquarters or certain business operations to Germany.

“We are being approached by banks that voluntarily want to submit to our regulatory authority,” said Felix Hufeld, the president of BaFin, during his first press conference of the year. “Banks, you guessed it, that are considering moving their headquarters or activities from London to Germany.”

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