Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Brexit lures numerous financial institutions to Germany: watchdog

Published 01/15/2019, 01:47 PM
Updated 01/15/2019, 01:50 PM
© Reuters. FILE PHOTO: Hufeld, President of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht)

FRANKFURT (Reuters) - 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 (N:C), JPMorgan Chase (N:JPM), Morgan Stanley (N:MS), and Standard Chartered (LON:STAN) [STANB.UL].

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

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

© Reuters. FILE PHOTO: Hufeld, President of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht)

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

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.