UK banks seek Ger­many after the Brexit vote

The Star (Kenya) - - News Business -

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.

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