Saturday, June 25, 2016

FACTBOX-Frankfurt dream to attract the bankers of the City with the Brexit – Boursorama

 FRANKFURT, June 24  (Reuters) – “We cry twice when it was  transferred to Frankfurt: once when you arrive and  once when we leave.” The formula is known in  the German financial capital, which is considered  one of the most boring cities in Europe. But the  choice of the British leaving the European Union,  the city has a strong argument to try to seduce  the bankers of the City. While Frankfurt is  frequently criticized for its lack of soul, the  poverty of its cultural offerings and lack of  architectural audacity, the municipality did not  wait long after the result of Thursday’s  referendum to launch a promotional campaign to  financial institutions that consider redeploying  some of their London staff. Frankfurt Main  Finance, the promotion of local financial center  organization, has opened a hotline for companies  interested and planned presentation meetings in  London and other British cities. “We want to  send a strong and clear message ‘. Welcome  to Frankfurt How can we help you?’”  Said its director, Hubertus Väth. “The  welcome banner is deployed and the gates of  Frankfurt are open.” The birthplace of  Goethe, where among others the seat of the  European Central Bank, has about 710,000  inhabitants, less than a tenth of the population  of Greater London. She hopes to attract 10,000  bank employees in five years, or about 2% of the  financial sector workforce in the British capital.  But since the Brexit require at least two years of  negotiations, some observers say they do not  believe in a rapid exodus from the City to other  financial centers. “The next two years will  be marked by many changes and uncertainties and  banks will wait until the situation settles before  making important decisions,” says Jan Pieter  and Krahnen, finance professor at the Goethe  University. (Tina Bellon; Marc Angrand for the  French service) 

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