Banks In London Are Flocking To Frankfurt

Banks which are seeking for a new European financial centre after Brexit have so far turned their preferences to Frankfurt, according to a study by German bank Helaba.

By the end of August, 31 banks had chosen to establish or expand their operations in the western German city to secure their presence in the EU after London leave the bloc.

Paris has been chosen by 11 banks, Dublin by 9, Luxembourg by 8, and Amsterdam by 5, Helaba notes.

Brexit is forcing banks to reorient their operations, at least partially, so that they can continue to operate in the EU after the UK leaves the union. In order to be able to offer services such as deposits and loans, banks will need to have a legally independent structure in an EU member state, BTA informs.

According to Helaba, the number of bank employees in Frankfurt will increase slightly by the end of 2021 despite redundancies at Deutsche bank and Commerzbank. The increase will be due to increased banking in the city after Brexit.

Read More

Chinese Now Encouraged As Language To Learn In Bulgaria

To encourage Chinese language learning and cultural exchanges with Bulgaria, the first Chinese singing contest was held in the country on Sunday,...

MANGO Doubles Stores In Bulgaria In 2019

The Spanish fashion line MANGO plans to expand its presence in the Balkans, including Bulgaria, in 2019. For now, the company has...

Serbia The Top Country In The World In Terms Of Green Energy Investements

Serbia has taken over as leader in the global greenfield foreign direct investment (FDI) index compiled by fDi Intelligence, a data division...


bTV Secures Rights To Show Spanish Supercup In Bulgaria Until 2022

Bulgarian pay-television broadcaster bTV has picked up rights in the country to the Spanish Supercopa club football competition this year.

Croatia Also Enters Race For Volkswagen Plant

Croatia enters battle for Volkswagen's new factory, local newspaper reports. The investment is expected to exceed one billion euros. According...

Ministry Of Pleven To Tackle Illegal Storage And Treatment Of Waste

A large-scale operation against the illegal storage and treatment of waste is carried out by the Ministry of Interior and the Prosecutor's Office in the city Pleven and the region...