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Lloyds eyes Berlin for post-Brexit push

April 16, 2017 4:22 PM
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Lloyds eyes Berlin for post-Brexit push

Lloyds Banking Group has decided to set up a European base in Germany after the UK leaves the EU, the BBC understands.

Lloyds has decided to convert its Berlin branch into a European hub, in order to maintain a presence inside the EU, sources told the BBC.

Several British financial institutions are putting plans in place to protect their EU operations after Brexit.

With the UK likely to leave the EU single market, they want to make sure they can still cater for EU clients.

Lloyds is the only major British lender that does not currently have a subsidiary in another EU nation.

However, it already has a branch in Berlin and employs 300 people in the city.

The Sunday Telegraph newspaper reported that Lloyds would apply for a new German banking licence within a few months, but the company has refused to comment.

HSBC has already said it is likely to move 1,000 workers from London to its European headquarters in Paris, while the insurance market Lloyds of London recently said it was setting up an office in Brussels.

Various studies have suggested tens of thousands of financial jobs could leave the UK after Brexit.

Many in the City of London fear a rival financial centre could emerge if many banks chose the same location, but no one place has yet emerged as a winner from Brexit.

Also read: Stanbic Bank ranked Kenya’s safest bank by global financial publication

Source: bbc.com

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