British banking major Standard Chartered has revealed plans to make Frankfurt its European base to cope with the disruption after Brexit.
At the bank’s annual general meeting in London, chairman Jose Vinals said: “We are looking at setting up a subsidiary in the EU to ensure we are prepared.
Go deeper with GlobalData
“The choice of Frankfurt is very natural as we have a branch there and we do euro clearing there,” he noted.
The Asia-focused bank in already in talks with German regulator BaFin to upgrade the status of its Frankfurt office from a branch to a regulated subsidiary.
The creation of a separate European subsidiary will allow the bank to continue doing business once passporting from the UK will become impossible.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
