At least €150bn of assets have been decamped from the City to France ahead of Brexit, according to the governor of the Banque de France.
As trade talks with Brussels enter a critical week, ahead of a highly anticipated meeting of European leaders on Thursday and Friday, François Villeroy de Galhau told the Europlace International Financial Forum that since September, the bank had authorised 21 investment firms, four credit institutions and seven third-country branches to “ensure continuity of activities in France”.
In addition, 31 entities – mainly investment firms – had applied for a licence in France, he said.
Encouraging more firms to follow their lead, Mr de Galhau said: “Even if there is a trade deal, which I still wish and hope, Britain will have left the single market and things will change anyway significantly for financial services.
“It means that firms operating under the European passport must quickly finalise their relocation to the EU if they want to operate here as of next year.”