Leading banks of the London are planning and are in the advanced stage to shifting their operations to French capital – regulators have told.
The foreign banks that are based in London added that they have to transfer their operations to the French capital to meet the customers and serve better as Britain leaves the European Union.
The Benoit, the secretary general said that the international large banks that are in London have conducted due diligence to move some of their operations to the France capital. The reports are coming and tell that many other banks are also shifting them and wooing the London and others are inquiring the information about the movement.
The authorities Frankfurt added that we are welcoming the banks and their movements from London as the UK leaves the European Union – the reports tells that actually, eight financial sources are welcoming the bank including Dublin, Paris, Frankfurt, Luxembourg, Amsterdam, Madrid, Bratislava and Valletta.
For last many years, the companies are offering services throughout the Europe using pass porting rights but when Britain leaves the EU – still, yet there is no guarantee of similar agreement. But the situation may raise many danger situations for the stock market.
The Citi group also considered to be sharing some of its operation to Frankfurt from London and Goldman Sachs is also relocating to the region and added to wide their business in the euro zone and post-Brexit and continue selling services.
The Citi group added that they are in the progress between EU and UK – and with the elimination of UK from EU has effects on nature and business but we are sure our headquarters remain in the London and a global hub for many businesses.
Mr. De Juvigny’s added that transferring of banks to another region can cause many dangers – he warned that it may create the danger of competition of business as well as financial crisis. He added that many banks are in due diligence – a process of a major deal and expensive. He said the regulators are working and being in a deal with many companies around Europe.