At today’s FT Banking Summit, Hubertus Väth, Managing Director of Frankfurt Main Finance, explained, “For London’s banks, the time for decisions has come. We believe that London should maintain its position as Europe’s leading financial centre; however, some operations will still need to relocate into the Eurozone. In this regard, Frankfurt is in the pole position. Most banks are not able to wait and see how the Brexit negotiations turn out because they need to start lengthy talks with regulators before they can move their operations. The risks associated with waiting are much too high. It is decision time and moves are being made.”
FrankfurtRheinMain GmbH and Frankfurt Economic Development GmbH joined Frankfurt Main Finance at the FT Banking Summit to promote the Financial Centre Frankfurt as the top destination for those who must leave London. The three organizations have worked in close cooperation for months, developing a constructive and solution-oriented approach to positioning Frankfurt as a bridge between London and the Eurozone.
The Financial Centre Frankfurt is particularly well positioned to attract banks and other financial services that must leave London for the Eurozone. Already one of Europe’s most important financial centres, Frankfurt is a regulatory hub, home to the ECB, EIOPA, ESRB and already a part of EBA. Boasting the world’s largest data exchange point, DE-CIX, and more than 1 million square meters of available office space at costs around thirty percent lower than Paris, Frankfurt’s infrastructure uniquely equips it to absorb a displacement from London like no other financial centre. Current estimates expect around ten thousand jobs to relocate to Frankfurt over the next five years.