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Germany's Bafin talking with financial firms on move to Frankfurt amid Brexit
May 9, 2017 / 10:59 AM / 7 months ago

Germany's Bafin talking with financial firms on move to Frankfurt amid Brexit

FRANKFURT (Reuters) - German financial regulator BaFin said that the watchdog was in talks with a number of financial institutions applying for licenses in Germany in light of Great Britain’s decision to leave the European Union.

FILE PHOTO: The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside the former finance ministry building in Bonn, Germany, Germany, April 5, 2016. REUTERS/Wolfgang Rattay

Raimund Roeseler, who oversees banking regulation at BaFin, did not name an exact number of institutions but said it was a double-digit figure, speaking at the body’s annual press conference in Frankfurt on Tuesday.

The indication is that these institutions would move operations to Frankfurt, he added.

Felix Hufeld, president of BaFin, added that the regulator has been in talks with nearly all major banks, most of whom aim to shift business to two or three sites within the European Union.

Hufeld said he was not necessarily in favor of moving euro clearing to the Continent as a result of Brexit. He said however this was not the decision of BaFin.

Reporting by Tom Sims, Andreas Kroener and John O'Donnell

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