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Brexit: Frankfurt Europe’s London

If Deutsche Bank AG chief executive officer Christian Sewing has his way, Frankfurt will be Europe’s new London.

“There’s a passionate debate about which European city should be the continent’s counterpart to London, New York and Singapore” after Brexit, Sewing said at a conference in the German financial capital last Friday. “You won’t be surprised by me saying that Frankfurt should be the natural choice.”

 With the UK hurtling down the path to losing its unrestricted access to the European Union’s financial markets once it drops out of the EU, cities from Amsterdam to Madrid and Paris are jostling to lure financial business from the UK capital.
Deutsche Bank is planning to move hundreds of people and hundreds of billions of euros in balance sheet assets to Germany’s financial capital as it adapts its organisational set-up to the post-Brexit world.

Sewing made a half-joking reference to that rivalry between cities as he addressed the chairman of BNP Paribas SA who was also at the conference.

“Jean Lemierre will most probably argue that Paris has its advantages, too,” Sewing said. “I think we need to make this sporty: competition will make Frankfurt and Paris better.”

— Bloomberg/TheStar

 

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