Lloyds Said to Pick Berlin for European Subsidiary Amid Brexit
- British bank needs to retain access to German and Dutch units
- Lloyds said to employ about 300 people in Germany’s capital
An S-Bahn passenger train travels along a bridge on route to Berlin Central railway station as construction cranes stand on the city skyline and a cargo barge sails on the river Spree in Berlin.
Photographer: Krisztian Bocsi/BloombergLloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Berlin as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter.
The U.K. bank opted to convert its German branch into a subsidiary and plans to apply for an extension to its banking license, said the person, who asked not to be identified because the details are confidential. Lloyds may move a small number of jobs to the country and will apply for the changes later this year, the person added. Reuters reported the news earlier on Monday.