German banks prepare for hard Brexit, in 'advanced' stages of relocating from London [CNBC]
Deutsche Bank AG (DB)
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Source: CNBC
show chapters German banks are preparing for a so-called hard Brexit and the spoils of the U.K.'s departure from the European Union could be shared by other European cities, according to German banking and finance officials. German central bank executive board member Andreas Dombret said that German banks were planning for a hard Brexit — that the U.K. could leave the EU without any access to the single market or customs union — amid increasing uncertainty over the progress of Brexit negotiations. Banks are planning on a hard Brexit because they don't know what the outcome is and I think that's a wise thing to do, he said Tuesday, adding that many banks were planning on relocating out of London's financial district. A key uncertainty for the U.K.'s financial industry is how much access it will have to the EU post Brexit with much uncertainty over passporting rights which allow financial firms within the EU to run operations and offer services throu
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