Business relocation: Bafin expects Brexit-the influx of more than 45 banks

The upcoming Britain to leave the EU puts banks and financial service providers are increasingly under pressure to shift business from London to a EU location. The President of the German Federal financial Supervisory authority (Bafin), Felix Hufeld, spoke at the new year’s reception on Tuesday of the “more than 45 financial institutions”, to establish their presence in Germany new, or significantly strengthen.

Markus Frühauf

editor in the economy.

F. A. Z. Twitter

the number of from London to Germany, moving institutions is significantly higher than at the end of December. At that time, the financial centre initiative of Frankfurt Main Finance had specified the number of Frankfurt-parent banks with about 30. In the evening, the British Parliament rejected the between Brussels and London negotiated Brexit agreement. Thus, the risk of a spill grows without agreement.

Hufeld appreciated the interest of the banks in the location of Germany “as a sign of confidence in the work of the Bafin”. The vast number of moving prepare institutions likely to be interested in the location of Frankfurt. So the British Bank wants to build Lloyds in Berlin is an important location in accordance with the Brexit, but in Frankfurt, the seat of the German stock exchange and the European Central Bank (ECB), hardly an institution.

With the influx of the banks will also transfer a lot of business in Frankfurt, and the EU sites. The auditing and consulting firm EY expects at least 800 billion-pound (900 billion euros) in assets, the banks will relocate to financial centres in the EU. The greatest profiteer will be Frankfurt, where the financial lobby, with 800 billion euros of additional balance sheet total of the banks is expecting. According to data from EY, a total of 80 banks are expected to shift business from London to the EU.