Credit Agricole Said to Reconsider London Office Move on Brexit

(Bloomberg) -- Credit Agricole SA is re-evaluating plans to move its London headquarters to the Canary Wharf financial center after the U.K.’s vote to leave the European Union, according to two people with knowledge of the matter.

The Paris-based lender planned to lease about 150,000 square feet (14,000 square meters) in 25 Cabot Square, said the people, asking not to be named because the information is private. It’s now negotiating with landlords, including the owner of its current City of London offices, asking for flexibility over floor space depending on the outcome of the Brexit negotiations, they said.

Representatives for Credit Agricole and Hines Global REIT, which owns the Cabot Square building, declined to comment.

The bank could still move to Canary Wharf if Hines allows Credit Agricole to reduce or increase the space it leases in three- to five-years’ time, the people said.

Costar News reported the bank’s potential plan to stay in its existing building earlier Thursday.

To contact the reporter on this story: Jack Sidders in London at jsidders@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Michael Shanahan, Jon Menon