The post-Brexit exodus of London-based big banks has begun. But there is immediately a surprise: Lloyds Bank will not move its European headquarters to Paris, Madrid or Frankfurt. And not even in Amsterdam: in the end the choice fell on Berlin. The indiscretion was reported by Reuters, but the institute has not confirmed.
Lloyd chose the German capital because it is already present here with an operational office that previously belonged to the Bank of Scotland, now incorporated into the group. Now it will have to become a subsidiary compatible with EU regulation and law and from there act on the continent.
HSBC had already moved before Lloyds, which is transferring a thousand employees from London to the Paris subsidiary where it will concentrate its EU activities.
