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Banks Seen Raising Their German Assets by $462 Billion on Brexit

Aerial Views of Germany's Financial Capital
Photographer: Alex Kraus/Bloomberg

Germany will take the lion’s share of the assets that lenders are moving out of the U.K. as a consequence of Brexit, according to the Bundesbank.

Non-German lenders are in the process of moving an additional 397 billion euros ($462 billion) of holdings to the country, taking their combined balance sheet there to 675 billion euros at the end of the year, the Bundesbank said in a presentation to reporters on Monday. The European Central Bank has said banks have agreed to ultimately move a total of 1.3 trillion euros of assets to the euro area.