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Liverpool and Brexit Bring British Bankers to Luxembourg’s Pubs

Soccer and Brexit Bring British Bankers to Luxembourg's Pubs

(Bloomberg) -- Nothing much has changed in one of Luxembourg’s truly British bars since it was established in 1993. Apart from what creeps in to a lot of the discussions over the past three years: Brexit.

That’s maybe why the climax to a busy soccer season has been a welcome distraction for the Britannia Pub boss, Alex Irvine, 51, who “couldn’t care less” about the U.K.’s departure from the European Union.

His establishment, where, according to its Facebook page you will find “English spoken,” has been a go-to place for U.K. soccer lovers in recent weeks, leaving little space for talk as all eyes are fixed on one of the pub’s three well-sized TV screens to watch the latest game.

Liverpool and Brexit Bring British Bankers to Luxembourg’s Pubs

One of the regulars is Ricky Marshall, a Scot who works at FundRock Management Company SA. He was at the pub the night Liverpool beat Barcelona to book its place in Saturday night’s UEFA Champions League final against English rival Tottenham Hotspur.

“You could be in a pub in London for all you know,” said Marshall, flanked by a young relative, who also wants to move to the Grand-Duchy and work in its booming financial sector. “It can get feisty, but it’s never developed into anything like a physical fight. It’s definitely more civilized.”

Marshall first arrived more than 20 years ago, the required limit to get Luxembourg nationality more easily, but a work opportunity in London for a few years meant he was back to square one when he returned in 2017. He will now have to wait another three years until he can apply for Luxembourg nationality, which will also require a local-language test.

Originally a supporter of the Glasgow Rangers in Scotland, Marshall has morphed into a “part-time Arsenal” fan.

“I used to go to Arsenal games when I lived in London,” he says. “The pubs close to grounds in London have a lot of ‘Home Fans Only,’ rules whereas in Luxembourg it’s always a good mix.”

Irvine, who has been in the Grand Duchy for 19 years, says he will apply for dual nationality next year. He likes life there but may not stay forever because, unlike on match days, he finds that “it can get pretty quiet.”

Raucous soccer nights bring welcome business. The Britannia Pub was bursting at the seams the night Liverpool pulled off its shock 4-0 victory over Barcelona. The biggest group of Brits were some 20 Liverpool supporters who’d come to back the team together with Irvine. As well as Luxembourgers, French, Norwegians, Poles and Irish also jostled for space in front of the TV screens clutching overflowing glasses of lager.

Brexit has made Luxembourg a favorite EU hub for insurers, funds and asset managers to relocate to from the U.K. Moves include those by insurance giant American International Group Inc., private-equity firm Blackstone, RSA Insurance Group Plc, U.S. insurer FM Global, Lloyd’s of London insurer Hiscox Plc and asset manager M&G Investments.

Liverpool and Brexit Bring British Bankers to Luxembourg’s Pubs

The Britannia and its international clientele “is a true reflection” of that, says Irvine. That’s also the case at The Tube, a nearby favorite haunt of soccer-loving expats.

One of the regulars is former co-owner Justin Montgomery-Wade, a Scot who dropped by to observe Manchester City’s 6-0 thrashing of Watford in the FA Cup final.

While he bailed out to take up a job with Nordea AB in 2017, his former business partner Paul Simpson, who moved to Luxembourg from Wall Street, stayed on as a pub landlord.

“Finance is what gets most people into the country,” Simpson says. He and Montgomery-Wade bought the bar in 2015 after they left NPG Wealth Management SA, now called OneLife.

But Montgomery-Wade says Brexit -- and the uncertainty it brings -- is a virtually unavoidable topic for expats who come to the pub, regardless of the football score.

He and his Scottish wife moved to Luxembourg in 2005. Their children go to the local school. Despite being integrated, he’s still worried, especially since he’s about to lose his job when his unit of Nordea Bank closes later this year.

“People feel lost,” he says. “What’s my life going to be like? It’s a real worry.”

To contact the reporter on this story: Stephanie Bodoni in Luxembourg at sbodoni@bloomberg.net

To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Peter Chapman, Christopher Elser

©2019 Bloomberg L.P.