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More UK-based financial firms likely to relocate to France
26 Jan '21
1 min read
Pic: Shutterstock
After the United Kingdom completes its Brexit transition, more London-based financial firms are expected to relocate to France this year, according to Bank of France governor Francois Villeroy de Galhau, who recently said several UK-based financial firms have already opened subsidiaries in the European Union to keep unfettered market access, known as ‘passporting’.
Nearly 2,500 jobs had already been transferred to France and some 50 firms had received operating licences, while $205.96 billion in assets had been moved to France, he said.
“Other relocalisations are expected and should accelerate over the course of the year,” Villeroy said in a New Year video message to the French financial sector.
He said Brexit created an opportunity to reinforce market infrastructure, in particular for the clearing of interest rate derivatives, which has until now been largely done from London, a global newswire reported.
Nearly 2,500 jobs had already been transferred to France and some 50 firms had received operating licences, while $205.96 billion in assets had been moved to France, he said.
“Other relocalisations are expected and should accelerate over the course of the year,” Villeroy said in a New Year video message to the French financial sector.
He said Brexit created an opportunity to reinforce market infrastructure, in particular for the clearing of interest rate derivatives, which has until now been largely done from London, a global newswire reported.
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