November 29, 2018 / 8:37 AM / 19 days ago

Frankfurt expects 750-800 bln eur in assets transferred due to Brexit

FRANKFURT, Nov 29 (Reuters) - Banks are expected to transfer 750-800 billion euros ($854-$911 bln) in assets to Frankfurt due to Britain’s departure from the European Union, the city’s lobby group Frankfurt Main Finance (FMF) said on Thursday.

The bulk of the relocation of assets will occur in the first quarter of 2019, FMF managing director Hubertus Vaeth said in a statement, adding that more was to follow later.

“As long as uncertainty persists most financial institutions prefer minimum solutions,” he added.

$1 = 0.8780 euros Reporting by Arno Schuetze Editing by Michelle Martin

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