Lenders bank on Germany and Ireland after Brexit
Up to 50 banks are applying for licences that will allow them to continue doing business in the EU after Britain quits the bloc
Frankfurt — Germany and Ireland are emerging as the big winners from Brexit, at least as far as attracting banking business is concerned.
As many as 50 lenders are applying for licences that will allow them to continue doing business in the EU after Britain quits the bloc, according to German banking watchdog BaFin.
Almost half of those are looking to move to Germany, official Peter Lutz said in a speech at the Goethe University Frankfurt on Wednesday. Ireland, with its proximity to London and use of English, is also seeing “a lot” of interest, he said.
Most of the applications to Germany are “very close” to a decision, said Lutz, BaFin’s head of foreign-bank supervision.
Talks are generally focused on the level of staffing the banks will need to adequately manage risk, he said, adding that we’re now in a “bargaining phase”.