Brexit lures numerous financial institutions to Germany - watchdog

Updated: Wed, Jan 16, 2019
12:29 am
Reuters
RELATED NEWS
Global markets have shot up, but we may see 5-10 pct correction in India, Nirmal Bang's Rahul Arora says Global markets have shot up, but we may see 5-10 pct correction in India, Nirmal Bang's Rahul Arora says
Fed Chief Jerome Powell says US economy facing heightened uncertainty Fed Chief Jerome Powell says US economy facing heightened uncertainty
PM asks Ministers for ideas to make India manufacturing hub PM asks Ministers for ideas to make India manufacturing hub
Border issue with China has created a strong resolve to build domestic capacity: Uday Kotak Border issue with China has created a strong resolve to build domestic capacity: Uday Kotak

More than 45 financial institutions are planning to newly establish themselves or significantly increase their presence in Germany as a result of Britain`s planned exit from the European Union, a German official said on Tuesday.

The figure was announced by Felix Hufeld, the president of Germany`s financial markets watchdog BaFin. It marks the most up-to-date and authoritative indication of Brexit`s impact on Germany`s financial landscape.

Among banks that announced plans to relocate some of their EU operations to Frankfurt are Citigroup , JPMorgan Chase , Morgan Stanley , and Standard Chartered [STANB.UL].

In August, Hufeld said that Germany was processing more than 25 banking licences.

Hufeld also called on Tuesday for greater coordination in Europe in the fight against money laundering.

"For me, money laundering preventing is an absolutely urgent task," Hufeld said. "A better coordination in Europe is necessary."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.