LONDON: Lloyds Banking Group is close to selecting Berlin as its base to build out its European operations as it tries to secure market access to the European Union when Britain leaves the bloc, according to sources familiar with the plans.
Britain's largest mortgage lender is examining steps to turn its branch in the German capital into a subsidiary and may apply for a licence to do so later this year, according to the sources.
Lloyds declined to comment. Lloyds is the only major British retail lender without a subsidiary in another EU country and it would be the first major European lender to commit to Berlin as a hub to access the rest of the continent's markets after Britain formally leaves the EU.
Many other European banks are eyeing Frankfurt, the country's main financial hub and the home of the European Central Bank, as the preferred destination from which to base their European operations after Brexit.
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