Sept 23 (Reuters) – JPMorgan Chase & Co is moving about 200 billion euros ($233.76 billion) from the UK to Germany as a result of Britain’s exit from the European Union, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The lender plans to finish the migration of assets to its Frankfurt-based subsidiary by the end of 2020, the report https://bloom.bg/32Uxesv said.
In January, the bank had also announced it will significantly expand its Paris hub as part of plans to relocate some services from London after Brexit.
Banks using Britain as a gateway to the European Union must fully execute their plans for serving EU customers before a Brexit transition period ends in December, the EU’s banking watchdog said in July.
Last year, consultancy EY said assets worth nearly $1 trillion were being moved from Britain to new financial hubs in the European Union ahead of Brexit. (https://reut.rs/33Upshd)
A JPMorgan spokeswoman declined to comment. ($1 = 0.8556 euros) (Reporting by Abhishek Manikandan in Bengaluru; Editing by Krishna Chandra Eluri)