Lloyd’s of London is soon to be Lloyd’s of Brussels as the insurer announced it is to open a subsidiary in the Belgian capital.
The company wants to keep its ‘passporting rights’ so that it can continue to offer financial services across the EU.
Lloyd’s chief executive, Inga Beale, said the move would guarantee continued business when Britain leaves the EU.
Banking giant JP Morgan is in talks to buy office space in Dublin.
EXCLUSIVE:JPMorgan in talks for Dublin office that holds 1,000 amid post-
brexit</a> expansion <a href="https://t.co/y0I5mAJMii">https://t.co/y0I5mAJMii</a> <a href="https://twitter.com/JackSidders">jacksidders
ncallanan</a></p>— Elisa Martinuzzi (ElisaMartinuzzi) 30 March 2017
It is being reported that the offshoot will require 1,000 staff.
Ralf Witzler is from Frankfurt Main Finance, he says its not so easy for financial institutions to just up sticks:
“Relocations could be quite ambitious, particularly for the American banks, and for the big Swiss banks whose business is brokerage. It is very complicated. For commercial banks the move would be less complicated, they have a bit more room for manoeuvre. Asset management can relocate relatively quickly. The most pressure is on the big investment banks.”
Others maybe leaving on a jet plane as Ryanair and EasyJet have been warned by the EU to relocate out of London or sell off shares to European nationals if they wish to continue to operate intra-Europe routes such as Paris to Berlin.