Germany and Ireland are winning the EU-wide tussle to lure financial institutions post-Brexit, according to S&P Global Market Intelligence.
The research firm has collated information on the biggest UK-based financial institutions and their plans to maintain access to the single market once the country leaves the bloc in March 2019.
It found that 14 firms are considering Germany and Ireland, while 13 have their eye on Luxembourg. Some of the big names considering Frankfurt include Standard Chartered, Citigroup – which plans to launch a new broker-dealer in the city by the end of 2018 – and Nomura Holdings, which has applied for a German banking licence.
Meanwhile Dublin has caught the eye of Bank of America, Euroclear – which plans to launch a settlement house called Euroclear Ireland in 2019 – and Legal & General.
Interestingly France clocked up only five firms, despite Paris’s high-profile push to lure UK bankers.
The results are consistent with the growing consensus that rather than the emergence of a single, pre-eminent financial centre akin to London, UK business will scatter to a number of EU financial hubs which will strengthen as a result.
All data sourced from S&P Global Market Intelligence
