'We are staying!' German bank pledges to stay in Brexit Britain as others mull relocation
A MAJOR German bank said it remains committed to Brexit Britain despite other financial companies moving staff out of the UK.
German bank chief: We will STAY in the UK
Commerzbank’s chief financial officer said the Frankfurt-headquartered global business had no plans to move staff out of London.
Stephan Engels’ comments come as Standard Chartered and JPMorgan last week were the latest global banks to outline plans for their European operations after Brexit.
Asked what the bank’s strategy was in the face of Brexit, Mr Engels said the bank was committed to the UK.
The CFO added despite some banks moving staff out of London to the continent, Commerzbank was “focused” on customers in Britain.
Stephan Engels said Commerzbank was committed to the UK in the face of Brexit
We are still focused to our customer base in the UK and we’ll keep that
Speaking to CNBC, he said: “We are still focused to our customer base in the UK and we’ll keep that.
“Yes there’s a broader discussion and what will happen to the euro clearing and I think there are some first decisions taken by other banks.
“But our set up, I think, is very much designed to our customer base and will stay unchanged.”
Standard Chartered and JPMorgan are among a growing number of lenders pushing ahead with plans to move operations from London.
Thirteen major banks including Goldman Sachs, UBS, and Citigroup have given an indication of how they would bulk up their operations in Europe to secure market access to the European Union's single market when Britain leaves the bloc.
Talks with financial authorities in Europe have been underway for several months, but banks are increasingly firming up plans to move staff and operations.
The head of investment banking at one global bank in London said: "It's full speed ahead.
"We are in full motion with our contingency planning. There's no waiting."
Although the moves would represent about 2 per cent of London's finance jobs, Britain's tax revenues could be hit if it loses rich taxpayers working in financial services.