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Brexit lures numerous financial institutions to Germany - watchdog

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Brexit lures numerous financial institutions to Germany - watchdog
FILE PHOTO: British and EU flags flutter outside the Houses of Parliament during a pro-Brexit and anti-Brexit demonstration, ahead of a vote on Prime Minister Theresa May's Brexit deal, in London, Britain, January 15, 2019. REUTERS/Eddie Keogh/File Photo   -   Copyright  Eddie Keogh(Reuters)
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FRANKFURT (Reuters) – More than 45 financial institutions are planning to newly establish themselves or significantly increase their presence in Germany as a result of Britain’s planned exit from the European Union, a German official said on Tuesday.

The figure was announced by Felix Hufeld, the president of Germany’s financial markets watchdog BaFin. It marks the most up-to-date and authoritative indication of Brexit’s impact on Germany’s financial landscape.

Among banks that announced plans to relocate some of their EU operations to Frankfurt are Citigroup <C.N>, JPMorgan Chase <JPM.N>, Morgan Stanley <MS.N>, and Standard Chartered [STANB.UL].

In August, Hufeld said that Germany was processing more than 25 banking licences.

Hufeld also called on Tuesday for greater coordination in Europe in the fight against money laundering.

“For me, money laundering preventing is an absolutely urgent task,” Hufeld said. “A better coordination in Europe is necessary.”

(Reporting by Tom Sims; Editing by Douglas Busvine)

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