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Business & Finance

French central bank sees firms speeding up Brexit relocation this year

  • Many UK-based financial firms have already opened subsidiaries in the European Union to keep unfettered market access known as "passporting" since Britain left the bloc.
  • Other relocalisations are expected and should accelerate over the course of the year.
Published January 19, 2021

PARIS: More London-based financial firms are expected to relocate to France this year after Britain completed its Brexit transition, the head of the French central bank said on Tuesday.

Many UK-based financial firms have already opened subsidiaries in the European Union to keep unfettered market access known as "passporting" since Britain left the bloc.

Bank of France governor Francois Villeroy de Galhau said nearly 2,500 jobs had already been transferred to France and some 50 firms had received operating licences, while 170 billion euros ($205.96 billion) in assets had been moved to France.

"Other relocalisations are expected and should accelerate over the course of the year," Villeroy said in a New Year video message to the French financial sector.

He said Brexit created an opportunity to reinforce market infrastructure, in particular for the clearing of interest rate derivatives, which has until now been largely done from London.

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