Saturday, 5 August 2017

Standard Chartered expects $20m Brexit relocation cost

Standard Chartered is set to spend about $20m (£15.4m) to turn its Frankfurt office into a European base due to Brexit.

The bank plans to create a subsidiary at its German branch to maintain access to the European market after Britain withdraws from the European Union.

German's strong credit rating informed the bank's location choice, said chief executive Bill Winters.

Standard Chartered has about 100 staff in Frankfurt currently.

The bank, which employs more than 86,000 globally, said in May it was in talks with German regulators about the move.
The firm has about 1,700 staff in London, where it opened an office in 1853.

Standard Chartered is the latest financial institution to discuss its planning for Brexit.

BBC    News.