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Brexit Banks Seen Moving Up to $900 Billion of Assets to Germany

Global banks affected by Brexit will move as much as 800 billion euros ($900 billion) of balance-sheet assets to Frankfurt, according to a lobby group for the German financial capital.

“The lion’s share will be shifted in the first quarter” of next year as banks prepare for a possible hard Brexit, despite recent progress toward a U.K. divorce deal, said Hubertus Vaeth, managing director of Frankfurt Main Finance.