Brexit Fallout

Move to Frankfurt? Really?

ARCHIV - Im letzten Licht der untergehenden Sonne heben sich die Hochhäuser der Frankfurter Bankenskyline am 08.01.2016 vor den Bergen des Taunus ab. Foto: Boris Roessler/dpa (Zu dpa «Studie: Finanzplatz Frankfurt profitiert am meisten vom Brexit» vom 11.08.2016) +++(c) dpa - Bildfunk+++
Frankfurt may not be London, but its nickname is "Mainhattan."
  • Why it matters

    Why it matters

    Brexit has triggered a scramble between financial centers on the European continent, who could stand to attract thousands of financial jobs if Britain’s E.U. exit forces banks to move their headquarters.

  • Facts

    Facts

    • Because of Brexit, banks in Britain face the prospect of losing “passporting rights” that allow them to practice banking across the European continent.
    • Frankfurt, Dublin, Paris, Luxembourg and Amsterdam are all competing to attract London bankers that may be forced to leave the British capital.
    • Despite its sleepy reputation, Frankfurt has regularly been ranked in the top 10 cities in the world in terms of quality of life.
  • Audio

    Audio

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People in London don’t exactly have the most flattering image of Frankfurt. That’s something even Tarek Al-Wazir has to admit.

The economy minister of Hesse, the central German state where Frankfurt is located, has been on a two-day mission to London this week. He’s leading a 15-member delegation hoping to set aside some of the stereotypes and convince bankers on the island of the advantages of moving to Germany’s financial center.

It’s a tough sell. Londoners typically believe that the sidewalks of Frankfurt are rolled up at night, and that the city has no quality of life and little to offer.

“And yet we have the only English-language theater on the continent,” he said proudly.

Mr. al-Wazir’s visit is one of a series of promotional tours that have been triggered by Brexit – Britain’s June referendum decision to leave the European Union. The economy minister is treading lightly however, rather than rubbing it in bankers’ noses.

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