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In 2018, financial services leaders from around the globe assembled to announce a new strategic initiative: The World Alliance of International Financial Centers. WAIFC is an international non-profit association, which represents leading global financial centers and facilitates cooperation and the exchange of best practices.
In the context of the present uncertainties, with the consequences of the coronavirus and the slowing down of economic growth all around the world, financial centers must play an even more essential role to accompany a necessary recovery and the orientation of the economies towards sustainable development and the satisfaction of the economic needs.
Together with WAIFC member Casablanca Finance City, WAIFC has published a report in collaboration with Oxford Business Group on “the role of financial centers in driving economic growth,” which highlights the breadth and diversity of financial centers’ activities in financing their real economies.
Eleven financial centers have contributed to the report with their showcases:
- Abu Dhabi Global Market
- Astana International Financial Center
- Belgian Finance Center
- Busan International Financial Center
- Casablanca Finance City
- Frankfurt Main Finance
- Hong Kong Financial Services Development Council
- Luxembourg for Finance
- Paris Europlace
- Toronto Finance International
The financial industry undergoes a process of structural change. Nowadays, the priority actions of our members concern environmental finance, technological innovation and infrastructure, as well as social and territorial financing. International financial centers are more reliant on technology, and our members have been driving innovations in the financial industry by supporting the adoption of innovative technologies from cloud computing and blockchain to artificial intelligence and big data. Also, our members are increasingly promoting all segments of sustainable finance and strive to ensure that environmental and social considerations are adequately taken into account and integrated into the financial sector moving forward.
The new report provides an overview of those activities. It is available for free download at https://frankfurt-main-finance.com/wp-content/uploads/2020/04/WAIFC-role-of-financial-centres.pdf.
Arnaud de Bresson, Chairman of the WAIFC Board of Directors and CEO of Paris Europlace, says:
“The WAIFC was created to foster collaboration among international financial centers and to build up a global network. It aims to accelerate the dialogue and exchange of best practices among them and develop communication with the general public. Our core objective is that finance should not be self-centered but rather serve the real economy all around the world. We are committed to supporting global economic transformations, fostering the combination of public and private funding, and contributing to meet the sustainable development goals all around the world.”
Said Ibrahimi, Member of the WAIFC Board of Directors and CEO of Casablanca Finance City, says:
“As a founding member of the WAIFC as well as the first financial center in Africa to join the alliance, CFC is proud to contribute an African perspective that showcases the level of international cooperation in its undertakings on the continent. We strongly believe in Africa’s potential, and the pivotal role global financial centers play in driving growth and contributing to socio-economic development. We aspire through this report to make these benefits known beyond the world of finance.”
Dr. Jochen Biedermann, Managing Director of the WAIFC, says:
“Financial centers are vital to sustaining economic growth. They provide the infrastructure for investment that drives entrepreneurial endeavors and economic growth across industries and communities and increasingly contribute to sustainable development and financial literacy. Our members embrace innovation and actively drive developments in that space. They provide fertile ground for start-ups with new ideas and innovative business models. The diversity of WAIFC members is an important strength.”
Hubertus Väth, Member of the WAIFC Board of Directors and managing Director of Frankfurt Main Finance, says: “Frankfurt Main Finance is proud to be a co-founder of the WAIFC network. Especially in times when the financial industry is facing enormous challenges, it becomes clear that solutions in an interconnected world can often only be found through international cooperation. This applies in particular to the financial sector. The financial center Frankfurt, in the heart of Europe, is a natural partner in such a cooperation.”
The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium, representing 16 leading international financial centers of four continents. WAIFC members are city governments, associations, and similar institutions developing and promoting their financial centers.
In an era of breakthrough technologies and rapid social change, financial centers are crucial to sustaining economic growth. Thus, the objective of the WAIFC is to create a transparent network that facilitates cooperation and sharing of best practices to further the understanding of the importance of international financial centers for national and global economies as well as social development.
Frankfurt am Main – The financial centre initiative Frankfurt Main Finance e.V. welcomes three new members. CRIF Bürgel, Deloitte Deutschland, and European DataWarehouse join the initiative as sustaining members.
“We bid our new members a very warm welcome! With their added support and the support of our long-standing members, we work towards the sustainability and efficiency of the Financial Centre Frankfurt. Our joint efforts significantly benefit the financial centre and have a lasting, positive impact on its worldwide prominence and reach,” says Dr. Lutz Raettig, President of Frankfurt Main Finance.
“Just like CRIF Bürgel, Frankfurt Main Finance stands for openness to innovation. We are, therefore, extremely pleased about our membership and future cooperation with an excellent network within the financial industry. Frankfurt has not only established itself as the leading financial centre in Germany through the strong concentration of financial firms, but is also one of the most important financial centres in the world. We will endeavour to make the best possible use of the resulting synergies with Frankfurt Main Finance and the other members, so that Frankfurt can continue to consolidate its pole position in the financial market. In line with our strategy, we also look forward to the collaboration and contact with one of the most progressive international FinTech hubs,” comments Christian Bock, Managing Director of CRIF Bürgel.
“As Germany’s leading financial centre, Frankfurt is one of Deloitte’s largest and most important locations. The membership in Frankfurt Main Finance fills us with eager anticipation of a noticeable deepening in our relationships with all actors in the financial metropolis. We are certain that our work can provide the Frankfurt community not only with many important stimuli, as it has in the past, but also with many benefits,” says Prof. Dr. Carl-Friedrich Leuschner, Deloitte auditor and partner. Head of Banking Practice at Deloitte Hans-Jürgen Walter adds, “Deloitte has supported the development of the Financial Centre Frankfurt in the competition between European and global financial centres for many years. In addition to the European Competence Centre for the Banking Union, Deloitte is also active in a number of initiatives with banks, associations, universities and politics with the goal of strengthening Germany’s most important financial centre. Membership in Frankfurt Main Finance is an additional resolute and active step in this direction, which includes, in particular, the further development of Frankfurt as an attractive location for the start-up and FinTech community.”
Dr. Christian Thun, Managing Director of European DataWarehouse, emphasises his excitement at the prospect of working with Frankfurt’s financial centre initiative. “We see our membership in Frankfurt Main Finance as a commitment to the Financial Centre Frankfurt, to which we owe a great deal and whose development we aim to pursue and actively shape with the keenest interest. Frankfurt Main Finance provides us with the requisite platform to do this, and we look forward to the exchange with the fellow members and market participants.”
Frankfurt am Main – Frankfurt Main Finance (FMF) and the Dubai International Financial Centre (DIFC) agreed on closer cooperation between the two Financial Centres in a Memorandum of Understanding (MoU), signed on November 4th, 2019.
Arif Amiri, Chief Executive Officer of the DIFC, and Hubertus Väth, Managing Director of FMF, signed the MoU at the DIFC in the presence of German Consul General Holger Mahnicke and Yusef Ahmed, Managing Director of Frankfurt International Consulting.
Hubertus Väth is currently visiting the Middle East alongside a delegation from Frankfurt conducting a roadshow, as part of which the representatives participated in a DIFC panel discussion on “The European financial landscape after Brexit and Germany’s increasing role”.
“I would like to thank Arif Amiri, the German Consul General Holger Mahnicke and the team of the Frankfurt delegation for this important step. The agreement with the DIFC will enable us to work together more closely and to intensify knowledge sharing”.
In the upcoming weeks and months, Frankfurt and Dubai will put their joint plans into action and will thus be making a contribution towards strengthening their respective Financial Centres.
The Financial Centre Initiative Frankfurt Main Finance e. V. welcomes four new members, growing its ranks to 69. KPMG AG Wirtschaftsprüfungsgesellschaft, Quirin Privatbank AG and Sumitomo Mitsui Banking Corporation (SMBC) join the initiative as sustaining members and Frankfurt Solutions as a Fintech member.
Through their membership, the representatives from academia, the financial industry, public administration, and the up-and-coming FinTech sector express their solidarity with the Financial Centre, take up current topics of the finance sector and demonstrate their commitment to the growing domestic and international importance of the Financial Centre Frankfurt and the Rhine-Main region.
“In times when there is considerable uncertainty in many areas, it is all the more important to combine the various strengths of the financial industry, to actively shape the future of the Financial Centre in concert, and to grow and flourish together. With the support of our longstanding and new members and thanks to our steadily growing industry network, we can jointly develop coordinated approaches to resolve the issues of the future,” insists Dr. Lutz Raettig, President of Frankfurt Main Finance.
Sven-Olaf Leitz, Member of the Board at KPMG Germany with responsibility for Financial Services, is delighted that KPMG has joined Frankfurt Main Finance. “A financial sector has grown up in ‘Mainhattan’ that enjoys an excellent reputation across the world. It is therefore not surprising that the Squaire building at Frankfurt Airport houses the largest of the more than 20 branch offices we maintain in Germany. This underlines the importance of the Financial Centre Frankfurt for us in our activities as one of the largest consulting and auditing companies. We value the close proximity to a wide range of financial actors and market players and appreciate the intensive exchange between the domains of academia, science and business practice that the Main metropolis offers. As a result, the Financial Centre is constantly evolving, and we are pleased to be able to make a further contribution to this development by becoming a member of Frankfurt Main Finance e.V.”
Holger Clemens Hinz, Managing Director in the capital market business of Quirin Privatbank AG, explains, “We are happy to be a member of Frankfurt Main Finance with immediate effect, as this gives us the opportunity to actively shape the future of the Financial Centre Frankfurt together with the other partners and the financial community. As a result, we can participate as a financial institution not only in the orientation of the operational banking business in Frankfurt, but we can also inform important strategic decisions made by politicians and the city government. This is something we see as highly valuable, just as we also value the exchange that is possible with universities.”
David Kleinz, founder of Frankfurt Solutions, points out, “Just as the name Frankfurt Solutions signals a commitment to the location of Frankfurt, so does our membership in Frankfurt Main Finance. With active involvement and the fertile exchange of views and ideas, we would like to become a strong link in this network and consolidate and benefit from the promising developments in the heart of Europe. We look forward to creating new ideas, events, contacts and joint projects with the other members.”
With the leading investor award for start-ups, the Financial Centre Frankfurt honours outstanding FinTech companies in six different categories. The jury’s vote went to AUTHADA GmbH in the Seed/Early Stage category and to Barzahlen – Cash Payment Solutions GmbH in the Late Stage Category, while solarisBank AG received the prize for the best FinTech in the Growth Stage category. TransferWise Ltd. was voted the Best Foreign FinTech on the German market. The special prize for the best PropTech was awarded to Exporo AG, while Wefox Germany GmbH was honoured in the special InsurTech category.
The organisers, Börsen-Zeitung (WM Group), Business Angels Frankfurt RheinMain, Frankfurt Main Finance and TechFluence, have now presented the FinTechGermany Award to high-potential FinTech companies for the fifth time. “Our ‘Golden Garage’ award offers young entrepreneurs, in particular, the opportunity to enter into dialogue with FinTech insiders and financial centre representatives and expand their network. We are pleased to be able to offer this platform for the fifth time,” says Dr. Jens Zinke, Managing Director of the Börsen-Zeitung. Andreas Lukic, Chairman of Business Angels Frankfurt RheinMain comments: “We award the prize to the best FinTech, InsurTech and PropTech companies, whose innovative business models and new technologies create value and transform the financial sector. At the same time, the Financial Centre Frankfurt offers the entire financing chain for start-ups – from their foundation and time of growth until they become established.” Hubertus Väth, Managing Director of Frankfurt Main Finance says: “Cooperation between FinTechs and the established players in the financial centre is the key to future success. The FinTechGermany Award creates the platform to make this possible.” And Michael Mellinghoff, Managing Director at TechFluence UK, adds: “In awarding this prize, we above all support start-ups with promising FinTech concepts, while at the same time increasing their visibility on the German market.”
The focus of the sixteen-strong jury was on the companies’ financial viability, scalability and exit capability. Among other things, they evaluated the business concept, competitive advantages, positioning, financial plan and management. The “Seed/Early Stage” category comprises FinTechs with no or only initial revenues, and with no or only a basic prototype. Companies with at least cumulative six-digit revenues were able to apply for the “Late Stage” category. The prerequisites for an award in the “Growth Stage” category were a more than seven-digit turnover and international expansion. Günter Rothenberger, the founder of Günter Rothenberger Industries GmbH and inventor of the R-System, donated the six perpetual trophies in the form of gold-plated water pump pliers mounted on American oak.
Andreas Plies, managing director of AUTHADA GmbH, stated: “The prize is not just for us alone, but for the entire company. It’s nice to have your work recognised.” Ulrike Czekay, Head of PR & Marketing at Barzahlen – Cash Payment Solution GmbH, aims to begin with the payment infrastructure and “dispel customers’ fear of digitisation and offer new possibilities.” Jörg Diewald, Chief Commercial Officer at solarisBank AG, announced, “Our Sales division is growing, and we are desperately looking for new employees to meet our customer needs.” Thomas Adamski, European PR Manager at TransferWise Ltd, was delighted with his trophy, “Our foremost concern is to help people and enable them to drastically reduce the cost of foreign bank transfers. Especially in such a large and active market as FinTech, I am immensely grateful that the scene is very open to new alternatives. I am delighted to be here and get to know all the nice people from the different areas.” Botho von Hülsen, Senior Manager at Exporo AG, commented that “A lot of construction is taking place in Germany, and fund packages can also be purchased from us in the form of products consisting of existing properties. Our digitalisation rollout is initially planned for France and the Netherlands, as the economic performance of these countries can be easily assessed.” John Shewell, Head of Group Marketing & Communications at Wefox Germany GmbH, felt honoured by the golden garage trophy and expressed that “It is a privilege to be here tonight. At the same time, it is also an honour for all tech start-ups to have the opportunity to transform the financial industry. We want to make insurance easy and convenient for our customers.”
Frankfurt am Main – The Financial Centre Initiative Frankfurt Main Finance e. V. welcomes five new members, growing its ranks to 64. Bloomberg L.P., Consileon Business Consultancy GmbH, Moody´s Deutschland GmbH, Refinitiv and Schalast & Partner Rechtsanwälte mbB join the initiative as sustaining members.
Through their membership, the representatives from academia, the financial industry, public administration and the up-and-coming FinTech sector express their solidarity with the Financial Centre, take up current topics of the finance sector and demonstrate their commitment to the growing domestic and international importance of the Financial Centre Frankfurt and the Rhine-Main region.
“We warmly welcome our new members and their commitment to the Financial Centre Frankfurt. With each new member, the affiliation with Frankfurt Main Finance becomes more attractive for existing members as well, and the voice of the Financial Centre gains significance,” says Dr. Lutz Raettig, President of Frankfurt Main Finance. “Through our growth, we can offer a diverse industry network, the efficiency of which also benefits the Financial Centre. The steady growth is a recognition of our daily efforts to represent and position the Financial Centre around the world.”
New member Bloomberg L.P. is the world’s leading provider of financial information and financial news. “Frankfurt is our largest location in continental Europe. Membership of Frankfurt Main Finance expresses our commitment to this important and growing Financial Centre, and we look forward to the collaboration with the other members of the initiative. As a global company with 176 locations around the world, we are particularly keen to contribute to furthering Frankfurt’s international network,” says Friederike von Tiesenhausen, Head of External Relations DACH Bloomberg L.P.
Dr. Joachim Schü, Managing Partner of Consileon Business Consultancy GmbH, said concerning his company’s accession to Frankfurt Main Finance e.V.: “Especially with the successive decline of London’s importance as a Financial Centre due to Brexit, Frankfurt’s importance as a strong economic area and centre of European monetary policy is increasing considerably. By becoming a member of Frankfurt Main Finance e.V., we are clearly committed to Frankfurt as a business location, which is underscored by the recent relocation of our Frankfurt office to the heart of the city. We hope to contribute all our finance sector expertise to the association and are looking forward to the exchange with other members and stakeholders.” With Consileon Frankfurt GmbH and syracom AG, the Consileon Group bundles considerable expertise to advise banks, insurance companies, FinTechs and other financial service providers.
Carl-Johan von Uexküll, Managing Director Germany & Switzerland at Refinitiv, confirms: “With our membership in Frankfurt Main Finance, we are demonstrating our confidence in the Financial Centre Frankfurt. At the same time, we want to actively contribute to the positive development of the city and we look forward to the exchange with all other financial market actors in Frankfurt and the Rhine-Main region with optimism and enthusiasm.”
Dr. Andreas Walter, Partner and Head of Banking & Finance at Schalast, says, “We see ourselves as a deeply rooted part of the culture of the city of Frankfurt am Main, the most important continental European Financial Centre. Against this backdrop, we are particularly happy and proud that, in addition to advising numerous companies already based in Frankfurt, we have been able to support many foreign companies in the financial industry in opening and establishing their German or European headquarters in Frankfurt. Precisely because banking supervisory issues are, from a legal perspective, coming increasingly to the forefront and FinTech companies from all over the world are interested in Frankfurt, we are all the more pleased to become a formal part of Frankfurt Main Finance.”
Frankfurt am Main – The financial centre initiative Frankfurt Main Finance is proud to welcome six new members, raising the membership number to 60. PricewaterhouseCoopers (PwC), The Boston Consulting Group, CBRE GmbH, Frankfurt School of Finance & Management and Norton Rose Fulbright LLP join as sustaining members. In addition, Werthstein GmbH joins as a FinTech member.
Frankfurt Main Finance leverages the influence of its now 60 members – representatives from Frankfurt’s financial sector, research institutes, public administration and the flourishing FinTech sector – to advocate for the Financial Centre Frankfurt and provide high-calibre dialogue platforms. Through their membership and engagement, all members demonstrate their close relationship to Frankfurt and desire to position Frankfurt amongst the top international financial centres.
“We are excited to welcome the new members. Their commitment to the Financial Centre Frankfurt and our continuous growth in membership reflects a high recognition for our daily efforts to represent and position the Financial Centre internationally,” says Dr. Lutz Raettig, President of Frankfurt Main Finance. “This growth strengthens the association and lends more power to our voice – a benefit for all members. In turn, we also provide fast, direct access to a prominent industry network.”
The new member PwC is active in the areas of assurance, advisory and tax services with 250,000 employees in 158 countries – including the Financial Centre Frankfurt. “Through our membership in Frankfurt Main Finance, we not only want to strengthen our commitment to Frankfurt as Germany’s leading Financial Centre, but also actively contribute to the local community. The location is developing in a highly dynamic manner. We would like to contribute to this positive development and further strengthening of Frankfurt. For this reason, we look forward to the exchange with the initiative’s members, with universities, banks and all other actors in the Financial Centre Frankfurt,” says Clemens Koch, Head of Financial Services and member of the management board at PwC Germany.
As a trusted partner for all real estate topics, CBRE supports real estate investors and occupiers worldwide. Since 1973, CBRE Germany has been headquartered in Frankfurt am Main. “With our membership, we are very pleased to be able to help support the many advantages of the Financial Centre Frankfurt from the perspective of the real estate industry. Numerous project developments offer ever more modern and innovative office space, allowing the skyline to continue to grow. Despite the decreasing vacancy rate, there is still excellent and representative office space available, even for demands for larger spaces,” explains Carsten Ape, Head of Office Leasing Germany at CBRE.
“As Frankfurt School of Finance & Management, we effectively have the Financial Centre in our name. As a business school, we set new standards with excellent research – for example in the fields of artificial intelligence, blockchain or sustainable finance. In addition, on our campus we train the specialists and executives needed to ensure that Frankfurt continues to be innovative and successful. A strong Financial Centre is essential for us, which is why we are committed to Frankfurt Main Finance,” says Professor Dr. Nils Stieglitz, President of Frankfurt School of Finance & Management. The research-led business school, accredited by EQUIS, AMBA and AACSB International, offers comprehensive educational programs on finance, business and management topics. Frankfurt School’s Master of Finance is the only finance master offered by a German university in the current Financial Times ranking.
Norton Rose Fulbright LLP is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. “Frankfurt Main Finance is the voice of the Financial Centre Frankfurt. We support the initiative because it effectively positions Frankfurt in national and global competition,” explains Dr. Oliver Sutter, Partner at Norton Rose Fulbright LLP.
As a digital wealth manager, Werthstein offers its clients the opportunity to develop an individualised portfolio that is broadly diversified in terms of risk aspects and specialised in investments in current economic, technological or social trends. “The financial centre initiative Frankfurt Main Finance stands for the openness to innovation and drive that FinTechs bring to wealth management. That is why we are closely associated with the initiative,” comments Felix Röscheisen, general representative of Werthstein GmbH.
Frankfurt Main Finance (FMF) has reason to celebrate. The financial centre initiative was founded ten years ago and is continuously growing in importance. FMF has also grown in size since the Brexit referendum and its impacts on the financial sector; today it has more than 50 highly reputed members. Founded in 2008 as a reaction to the financial crisis and at the instigation of Roland Koch, then Prime Minister of Hesse, together with Petra Roth, the former Lord Mayor of Frankfurt, FMF lends the financial sector in Frankfurt and the region a voice that resonates across the world.
“The Financial Centre Frankfurt plays an important role in addressing the major challenges posed to the financial sector by the UK’s exit from the European Union,” says Hessian Prime Minister Volker Bouffier. “In these times, it is important for Frankfurt Main Finance to pool the interests of the financial sector in Hesse and in the federal republic and makes them heard. This also benefits trade and industry and, consequently, the state of Hesse as a whole.”
“Frankfurt is a cosmopolitan, liveable and international city. The finance metropolis is an outstanding and attractive business location. Its central location in Europe along with the requisite infrastructure and proximity to the Central Bank are additional assets that speak in its favour,” says Frankfurt’s mayor, Peter Feldmann. “Frankfurt can contribute substantially to financial stability in Europe, and Frankfurt Main Finance has communicated the city’s capabilities all around the world for years with obvious success.”
Dr. Lutz Raettig, president of Frankfurt Main Finance, says: “We are proud that our consistently growing membership has placed their trust in us throughout the years. For us, this is an incentive to tackle the tasks ahead with great enthusiasm and continue to take responsibility for the financial centre. To do this we rely on our excellent and lasting partnerships with the state of Hesse, Hessen Trade & Invest, the cities of Frankfurt and Eschborn, and their economic development agencies.”
Currently, one of the top priorities of Frankfurt Main Finance is to position the Financial Centre Frankfurt and its greater region in the competition for jobs being relocated from London to the European Union. The Financial Centre on the River Main has been the focus of worldwide attention since the early hours of the day after the UK’s Brexit referendum. Being prepared and able to speak up from the very first moment brought Frankfurt a decisive media advantage, which FMF has consequently used to showcase the city’s strengths where scepticism or ignorance towards the Main Metropolis prevail.
Since March 2016, when the topic of Brexit first began to emerge on the media landscape, Frankfurt Main Finance has been mentioned in more than 2,000 different media and 96 countries in connection with this topic alone, approximately 850 interviews have been conducted, adding up to a total of some ten billion potential readers reached. FMF representatives attended relevant events in the US, Japan, Korea, China, the Middle East and, of course, many times over in London, Paris and Brussels, to represent the position of the Financial Centre Frankfurt.
Companies on both sides of the channel are hoping for clarity on the impact of Brexit on their businesses by the EU summit in October, and no later than the possible EU special summit in November. To what extent the autumn will bring a transition agreement setting the status quo until the end of December 2020, remains unclear. Although this transitional period is foreseen in principle, it is highly dependent on conditions that remain unfulfilled which pose considerable obstacles. This is especially true for the Irish border issue.
Whether there will soon be clarity is still uncertain. From September onwards, the management of Frankfurt Main Finance expects a stormy autumn. Banks will have to make important decisions about their set-up over the next few weeks, as the time to prepare for Brexit at the end of March 2019 will otherwise be too tight. Just a few months before the UK’s exit from the European Union, the risk of a relatively hard Brexit has not been averted. This brings trade, industry and financial services alike under time pressure and pressure to move.
In the coming weeks, financial institutions expect not only increased inquiries from their customers, but also to decide for themselves which of the scenarios they are preparing for. “Time is running out,” says Hubertus Väth, Managing Director of Frankfurt Main Finance. “We’re expecting a stormy autumn: industrial and trade companies, as well as the asset management industry, must now seek to make the necessary arrangements with their financial services providers. It is important to Brexit-proof their financing and investments. That does not work at the touch of a button. We’re heading for a mass start which will lead to a bottleneck for those late to the line.”
Therefore, Frankfurt Main Finance advises companies from trade and industry as well as asset managers to actively pursue dialogue with their financial services providers to Brexit-proof their financing. This applies in particular to the clearing for euro-denominated interest rate derivatives. “Companies must take initiative themselves and approach the banks,” says Väth. “It is in their own interest, for example, to hedge their financing and hedge their interest rate risks even for a hard Brexit. Unfortunately, this case can still not be ruled out. The sooner they talk to their banks, the better the preparation will be, because companies will be the main victims in any case of doubt.”
Frankfurt Main Finance sees the Financial Centre Frankfurt as the logical first choice in the reorganization and orientation of the financial sector after Brexit. However, to make use of these opportunities under increasingly intense international competition requires further substantial effort.