Frankfurt Leading Choice For Banks Relocating From London Ahead Of Brexit - Study

Frankfurt Leading Choice for Banks Relocating From London Ahead of Brexit - Study

Germany's Frankfurt tops the ranking of the EU cities chosen by banks to relocate their businesses as the deadline for the United Kingdom's exit from the union draws nearer, a fresh study by the Helaba Financial Center revealed on Monday.

MOSCOW (Pakistan Point News / Sputnik - 24th September, 2018) Germany's Frankfurt tops the ranking of the EU cities chosen by banks to relocate their businesses as the deadline for the United Kingdom's exit from the union draws nearer, a fresh study by the Helaba Financial Center revealed on Monday.

"Brexit banks are gradually packing their bags and many of them will be heading for the Rhine-Main region in the future. To date, 25 Brexit banks have opted for the financial centre of Frankfurt, including many well-known institutions," the press release cited Gertrud Traud, Helaba's chief economist as saying.

Paris came in as the second best choice for financial institutions, followed by Luxembourg, Dublin and Amsterdam, the study added.

According to Helaba, at least 8,000 financial sector jobs will be created in the German city over the next few years.

The United Kingdom is expected to leave the European Union in March next year, with the parties still facing a number of unresolved issues over post-Brexit arrangements.