At least 48 London financial firms open offices in Amsterdam post Brexit
More than 440 firms in banking and finance have moved or are moving part of their business, staff, assets or legal entities from the UK to the EU, and 48 of them have come to Amsterdam, according to research by British think-tank New Financial.
In total, more than £900bn in bank assets (roughly 10% of the entire UK banking system) have been or are being moved to mainland Europe following Brexit, the researchers say.
‘Dublin emerged as the clear winner in terms of attracting business from the UK, with 135 firms choosing the Irish capital as a post-Brexit location,’ New Financial said.
‘This represents 25% of all the moves that we identified, ahead of Paris with 102 firms, Luxembourg with 93, Frankfurt on 62, and Amsterdam on 48. In the longer-term, we expect Frankfurt to be the ‘winner’ in terms of assets, and Paris in terms of jobs.’
The report also shows financial centres have attracted different firms based on their sector of activity. For example, a third of all asset management firms that have moved somewhere as a result of Brexit have chosen Dublin and nearly two thirds of firms moving to Amsterdam are trading platforms, exchanges or broking firms.
In February, the Netherlands foreign investment agency NFIA confirmed to DutchNews.nl that 500 companies are currently involved in some level of talks on moving to the Netherlands because of Britain’s decision to leave the EU.
The list includes companies with serious intentions as well as firms which are orientating themselves about a move to the EU and are in talks with other countries as well, the NFIA said.
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