Kazuo Teranishi, correspondent for Asahi Shimbun, one of the oldest and largest national daily newspaper in Japan, interviewed Hubertus Väth during his visit in Tokyo in March 2020, which took part in the FinCity Global Forum (hosted by FinCity.Tokyo).
After the UK’s decision to leave the EU, a competition between the EU-27 financial centers for the settlement of Brexit banks began. The EU has a “single passport system” that allows financial institutions to conduct business anywhere in the region if they obtain a business license from a member country. It was necessary to set up a base in a member country and reacquire the permit.
Teranishi and Väth spoke about Frankfurt‘s attractiveness as a Financial Cente and the fact that 31 financial institutions have chosen Frankfurt as their EU headquarters. Almost 60 applications for the admission of new or the expansion of existing legal units have been submitted to the Federal Financial Supervisory Authority. By the end of 2019, 1,500 new jobs had already been created. Another 2,000 jobs will follow shortly, and many London executives have employment contracts that require Brexit to move to the continent.
The full article is available here.