They all know they have to; they all know they can’t wait until the outline of future trade relations is sketched; they all have project teams that have been weighing possible locations for months.
Why the delay?
One consultant working with many of the big non-UK banks based in London offers Euromoney an explanation.
“Many of the banks already have subsidiaries, branches, legal entities and associated licenses in various EU states that have accumulated through a long history of business build-ups and withdrawals including mergers and acquisition but that don’t actually match up well with the regulated activities they now want to conduct in Europe.
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