UK banks seek Germany after the Brexit vote
The German Finance ministry said it is fielding an increasing number of requests from financial institutions in Britain considering a move to Germany following the UK’s decision to leave the European Union.
Germany’s financial centre Frankfurt, home to Deutsche Bank DBKG.DE and Commerzbank, is seeking to lure financial institutions from Britain, vying with Paris and other European cities to attract business from London, Europe’s dominant financial centre.
“Frankfurt is a love at second sight. But a love that lasts all the longer,” state secretary Thomas Steffen, a senior finance ministry official, said at a banking conference yesterday.
“I have to say that we at the Finance ministry are registering an increasing number of requests. And we are very, very open to such discussions,” he said, adding he expects a number of decisions to be taken early in 2017.
Frankfurt is keen to secure the European Banking Authority, which oversees the regulation of banks across the EU, and has said it will have to move from London.
Steffen said the EBA would be in good hands in Frankfurt, considering the city is home to the European Central Bank, its banking supervisor SSM, and insurance watchdog EIOPA. Thomas Schaefer, the finance minister of the German state of Hesse, where Frankfurt is located, said the state’s prime minister was currently meeting bank executives in New York to make the case for the city.