Banks Choosing Paris Over London Post Brexit Boost France’s Exports
- French financial services surplus swells as banks choose Paris
- Bank of France chief says trend is still accelerating
The La Defense financial district of Paris.
Source: Bloomberg
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The shift of banking activities to Paris from London after Brexit is starting to have a measurable impact on France’s trade in financial services, and the dynamic is likely to accelerate, according to the country’s central bank.
British and American banks relocating trading to the French capital have boosted exports by providing services to other European countries from Paris, while their sales within France no longer count as imports.