Deutsche Bank is planning to move large amounts of its assets from London to its headquarters in Frankfurt after the United Kingdom's withdrawal from the European Union next year under pressure from European regulators, media reported, citing sources familiar with the matter.
MOSCOW (Pakistan Point News / Sputnik - 17th September, 2018) Deutsche Bank is planning to move large amounts of its assets from London to its headquarters in Frankfurt after the United Kingdom's withdrawal from the European Union next year under pressure from European regulators, media reported, citing sources familiar with the matter.
Deutsche Bank could shift about three-quarters of its estimated 600 billion Euros in capital back to Germany, which is an equivalent of some 450 billion euros (some $520 billion), according to the Financial Times newspaper.
The German bank will have to meet the demand from the European Central Bank (ECB) to comply with the rules applicable for branches in a "third country," which the United Kingdom will become after Brexit, the newspaper reported.
The United Kingdom is set to leave the European Union on March 29, 2019.
