A study by the Bundesbank has revealed that Germany is the most popular destination within the EU for banks leaving London due to Brexit. The study found that the banks are expected to move 675 billion euros in assets to Germany and create over 2.500 jobs.
A study by the German Federal Bank has revealed that Germany is the most popular location for banks to relocate to, as Britain’s exit from the European Union draws ever closer. A total of 64 financial institutions have applied for banking licenses in the Federal Republic, 40 of which have been approved so far.
The study estimates that a total of 675 billion euros worth of assets would be relocated to Germany, 387 billion euros more than the 278 million that has already been transferred. The American banking giant, JPMorgan Chase and Co. has already stated it would move around 200 million euros to Frankfurt from London.
The relocation of London banks’ operations in Germany is estimated to create around 2.500 jobs in Germany. The Bundesbank also stated that Germany’s financial sector was well prepared for Brexit.