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Deutsche Bank Plans to Operate in U.K. Via Branch After Brexit

Bloomberg business news
Bloomberg Intelligence’s Jonathan Tyce discusses Deutsche Bank operating as a banch in the U.K.Source: Bloomberg)
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Deutsche Bank AG reiterated that it’s planning to move assets from London to Frankfurt to avoid any disruption for clients when the U.K. leaves the European Union.

The process is “well underway with the full understanding of U.K. and EU regulators,” according to a Deutsche Bank spokesman. The lender said last year that it would make Frankfurt rather than London the primary booking hub for investment banking clients. It could shift about 300 billion euros ($351 million) from the U.K. balance sheet, people familiar with the matter had said.