Regulators in Germany will meet next Monday with representatives of more than 20 foreign banks, including Morgan Stanley, Goldman Sachs and Citigroup, to present requirements in relation to the possible relocation of operations from London to Frankfurt after Brexit, Reuters said on Wednesday a number of sources close to the dossier.
Reportedly, BaFin's supervisory authority in the financial Germany, decided to organize this meeting, the first of its kind organized in Germany to respond to requests detailed banks concerned to move its operations from London while the Sea Britain is preparing to initiate talks for divorce from the EU.
'BaFin wants to provide participants with an overview about the main issues for those who want to move their businesses in Germany, "said one of the sources. Reportedly, BaFin will emphasize very clearly that it will not accept operations such 'mailbox' and that banks will have to introduce significant risk management procedures and Frankfurt also have a number of top executives.
Other sources said that the meeting will be attended by officials from the German Central Bank (Bundesbank) and the European Central Bank. The sources added that the German Finance Minister, Wolfgang Schaeuble, Frankfurt supports efforts to attract some of bankers who now works in London.
Prime Minister Theresa May said last week that Britain will leave the single market, a move that will isolate the City of London for her customers. In these circumstances Frankfurt looks set to be one of the main winners of a possible exodus of bankers from London. But cities like Dublin announces Sand Pari serious competitors and some American banks could transfer some posts from New York to London.
Germany's economic strength and that Frankfurt already hosts the headquarters of the ECB is attractive elements for banks. But the financial capital of Germany has some disadvantages in attracting foreign bankers. There is a shortage of housing for newcomers and those seats to the 13 international schools in the region are occupied.
