Brexit Means EU Needs Bank Champions, German Regulator Says
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The U.K.’s impending exit from the European Union has increased the need for banking giants in the bloc that can rival those in London and New York, according to Germany’s central bank.
“The bigger the risk of a hard Brexit becomes, the harder we should try to develop global champions on the continent,” Joachim Wuermeling, a member of the Bundesbank’s Executive Board. said in an interview. “It would be good to see a German bank among them, and I’m sure that will be the case.”