British banking major Standard Chartered has revealed plans to make Frankfurt its European base to cope with the disruption after Brexit.
At the bank’s annual general meeting in London, chairman Jose Vinals said: “We are looking at setting up a subsidiary in the EU to ensure we are prepared.
Go deeper with GlobalData
“The choice of Frankfurt is very natural as we have a branch there and we do euro clearing there,” he noted.
The Asia-focused bank in already in talks with German regulator BaFin to upgrade the status of its Frankfurt office from a branch to a regulated subsidiary.
The creation of a separate European subsidiary will allow the bank to continue doing business once passporting from the UK will become impossible.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
