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Frankfurt wants to be banking bridge to London after Brexit
October 17, 2016 / 11:11 AM / a year ago

Frankfurt wants to be banking bridge to London after Brexit

LONDON, Oct 17 (Reuters) - Frankfurt wants to be a financial services bridge between London and the European Union after Britain leaves the bloc, a top official said on Monday.

Frankfurt, Paris, Luxembourg and Dublin are among the centres hoping to attract banks and other financial firms from London after Britain leaves the EU.

Hubertus Vaeth, chief executive of Frankfurt Main Finance, which promotes Frankfurt as a financial centre, said there was no intention to “do as much damage as we can” to the City of London financial district.

London still has a major role in finance and there was a need to avoid disruption to the industry.

“We believe that Europe needs a global financial centre,” Vaeth told a Brexit summit in London.

“We feel uniquely positioned. We want to do it in a way that is constructive, to build a new London bridge into the euro zone,” Vaeth said.

Bankers in London have sometimes complained that Frankfurt would be boring after life in the UK capital.

“I am sometimes struck by the fact that Frankfurt is portrayed in the media as something between a cemetery and a backward country. I am getting irritated by that.”

Reporting by Huw Jones; editing by Carolyn Cohn

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