Germany and Ireland Top the Pile Mopping Up Brexit Bank Business

(Bloomberg) -- Germany and Ireland are emerging as the big winners from Brexit, at least as far as attracting banking business is concerned.

As many as 50 lenders are applying for licenses that will allow them to continue doing business in the European Union after Britain quits the bloc, according to German banking watchdog BaFin.

Almost half of those are looking to move to Germany, official Peter Lutz said in a speech at the Goethe University Frankfurt on Wednesday. Ireland, with its proximity to London and use of English, is also seeing “a lot” of interest, he said.

Most of the applications to Germany are “very close” to a decision, said Lutz, BaFin’s head of foreign-bank supervision.

Talks are generally focused on the level of staffing the banks will need to adequately manage risk, he said, adding that we’re now in a “bargaining phase.”

To contact the reporters on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net;Steven Arons in Frankfurt at sarons@bloomberg.net

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Paul Armstrong, Keith Campbell

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