Since the announcement of Brexit, more than 440 financial institutions have either withdrawn some of their operations from the UK or created new entities in the EU. As the European capital, Brussels relies on only fifteen of them, and is therefore only seventh.
This is clear from the analysis of New Financial, a London think tank. According to New Financial, more than 40 900 billion (over 1,000 1,000 billion) in assets will be transferred to the EU, with some partial relocation of the operations of more than 440 companies. This corresponds to about ten per cent of the British banking system. But dozens of financial institutions may have been under radar, so the impact is really huge.
A total of 135 companies have moved to the Irish capital and Dublin appears to be a big winner. It is followed by Paris (102), Luxembourg (95), Frankfurt (63), Amsterdam (48) and Madrid (18). Brussels was able to convince fifteen financial institutions, so it is only in seventh place. Only three percent of moves are involved.
Insurers include Hiscox, Lloyds of London, M.S. People like Amlin and QBE have shifted operations to Brussels. This also applies to the money transfer services of Euronext and Euroclear, the stock exchanges that specialize in settling global bond transactions.
Finally, new financial analysts point out that many companies have chosen to split operations and move different sectors to different European cities. Financial centers seem to be emerging, each with its own expertise. Dublin is primarily selected for asset management and Frankfurt banking operations.
