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Brexit drives up financial licence applications in Luxembourg

Brexit drives up financial licence applications in Luxembourg
Anti-Brexit protesters shelter from the rain outside the Houses of Parliament, after Prime Minister Theresa May's Brexit deal was rejected, in London, Britain, January 16, 2019. REUTERS/Henry Nicholls   -   Copyright  HENRY NICHOLLS(Reuters)
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LONDON (Reuters) – Forty-seven banks, insurers and asset managers have plans to relocate some activities from Britain to Luxembourg due to Brexit, Luxembourg for Finance said on Wednesday.

“Last year Luxembourg’s regulators granted 80 new licences for banks, management companies, alternative asset managers, insurers and investment firms,” the agency that promotes the Grand Duchy as a financial centre said in a statement.

“This number includes several financial institutions to have publicly announced their decision to relocate some activities because of Brexit.”

(Reporting by Huw Jones, editing by Iain Withers)

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