Date: 9 months ago   Category: Markets

The European banks have found a new shelter


The German Frankfurt am Main became the leader in number of again registered banks forced to leave Great Britain in anticipation of Brexit, The Financial Times writes. Paris remains the main rival of Frankfurt still, but lag continues to grow. According to the edition, for the last year 10 more banks which are earlier registered in London have moved to Frankfurt. Among them there are Goldman Sachs, Citi, JPMorgan and Barclays. Thus, the total number of the moved credit institutions from the moment of the referendum on Brexit has reached 25. For the same time Paris has enticed to itself seven banks, but the general result looks much more modestly so far — only eight financial institutions. The main competitive advantages of Frankfurt are called the prepared infrastructure and business climate. In the city the headquarters of the European Central Bank and the insurance Eiopa regulator, the largest European exchange (except for London) and also offices of German banks and other financial organizations are located. Transformation of Frankfurt into new financial center of Europe is supported by German Chancellor Angela Merkel. At the same time Paris is supported by the French president Emmanuel Macron who was earlier holding a post of the Minister of Finance. Need of change of a place of registration has arisen at the British banks because under laws of the European Union for obtaining the license they have to be registered within the EU. Otherwise they will lose an opportunity to work at the territory of the union.Brexit will take place on March 19, 2019. By this time London and Brussels will have to reach the agreement on an order of an exit of Great Britain from the EU. The British authorities have already warned the citizens that if it isn't possible to make it, they can have certain problems. In particular, the British who are constantly living in the EU can lose access to the bank accounts. It is more than important news in Film of Day Telegram-channel. Subscribe!

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