Lloyds Banking Group has made the decision to choose Berlin as its European base post-Brexit. The bank will apply for a licence in Germany within the next few months in order to cater for its European clients once the UK leaves the EU. The bank will submit an application to BaFin, the German financial regulator to change the status of its Berlin branch into the bank’s first subsidiary outside the UK, by the end of September.
Several other British financial institutions have also planned to move thousands of employees to the EU. HSBC stated that it is likely to move 1,000 employees to Paris, while insurance market Lloyds of London has announced it will be setting up an office in Brussels.