Brexit to Shift Swissquote Business From London, CEO Says
- Firm employs 30 people in London, revenues fallen on Brexit
- European retail client business would move to Luxembourg
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Swissquote Group Holding SA will likely shift its European retail business from London to Luxembourg following Brexit.
Chief Executive Officer Marc Bürki said the firm has been preparing over the past few months for all Brexit scenarios, and sees the best case as a divorce deal with a transition period. The Swiss bank, which offers online financial and trading services, bought Luxembourg-based Internaxx earlier this year to ensure it would retain access to European markets after the U.K. exits the bloc in March.