London to lose €800bn to Frankfurt as banks prepare for Brexit

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Lobby group says up to 37 finance firms are relocating to Germany, taking assets with them

London will lose up to to €800bn (£700bn) in assets to rival financial hub Frankfurt by March 2019 as banks start to transfer business to the German city before Brexit day.

The lobby group Frankfurt Main Finance released the figure after it was confirmed that 30 banks and financial firms had chosen the city as the site of their new EU headquarters.

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from The Guardian https://ift.tt/2E0OX6l

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