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FRANKFURT (Reuters) – Banks are expected to transfer 750,000 to 800 billion euros of assets to Frankfurt due to Britain 's departure from the European Union, the pressure group said Thursday. from the city, Frankfurt Main Finance (FMF).
The bulk of offshoring of assets will take place in the first quarter of 2019, said FMF CEO Hubertus Vaeth in a statement, adding that others will follow later.
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"As long as uncertainty persists, most financial institutions prefer minimal solutions," he added.
Currently, banks based in Frankfurt have a total assets of 3,500 billion euros.
Of the 37 financial institutions that have applied for new licenses or more comprehensive licenses from the European Central Bank, 30 have chosen Frankfurt as their European headquarters, Vaeth said.
About half a dozen banks that have chosen a different hub on the continent are also increasing their footprint on Frankfurt, he added.
Vaeth is still waiting to create 10,000 new jobs in Frankfurt thanks to Brexit, adding that this increase would occur more slowly than expected.
This goal should probably be achieved in the eight years following the 2016 referendum, and not in the five years initially envisaged, he added.
(Report by Arno Schuetze, edited by Michelle Martin)
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