Ireland has attracted the highest number of global financial institutions looking to relocate out of the U.K. to maintain access to European markets ahead of the end of the Brexit transition period on Dec. 31.
At least 35 commercial lenders, investment banks, brokerages and insurers have chosen to set up subsidiaries in, or relocated staff to, Britain’s neighbor, or are in the process of doing so, according to S&P Global Market Intelligence data. Citigroup Inc., Commonwealth Bank of Australia and Barclays PLC are three that have chosen Ireland.
Some 22 Brexit-affected companies chose to relocate or set up units in Germany, while France and Luxembourg each attracted 20. Large banks have mostly favored Germany and France, while Luxembourg has attracted a number of insurers.
The Netherlands, Portugal, Belgium, Italy, Spain, Lithuania and Sweden have also welcomed companies to their shores in the wake of Britain’s vote to leave the EU.
Britain and the bloc have yet to ink a trade deal and are at odds over London refusing to revise its controversial internal market bill, but have struck an accord on granting clearing houses temporary access.
Meanwhile, the French central bank governor has urged financial firms — especially payments companies — to speed up their relocation moves to the bloc if they want to ensure they can be operational by 2021, and the U.K. Financial Conduct Authority is consulting on how international companies should be regulated.
For more details on specific company moves, click here.