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Brexit Vote Leads Berlin Hyp to Postpone London Expansion

Banks are reviewing their London presence, executives say
U.K. property prices may be falling faster than stats: NAMA

By

Sharon R Smyth, and

November 28, 2016, 6:23 PM UTCUpdated onNovember 29, 2016, 9:13 AM UTC

Berlin Hyp AG has delayed plans to open an office in the U.K. capital after the Brexit vote, providing evidence how the uncertainty created by the June referendum is impacting banks’ investment plans.

“We have postponed the creation of an office in London until the modalities of the U.K.’s exit from the European Union have become clear and can be assessed,” the Pfandbrief bank said by e-mail. Berlin Hyp had 27.8 billion euros ($29.4 billion) of assets at the end of September compared with 28.5 billion euros at the end of last year.