British bank Lloyds Banking Group is expected to set up 3 subsidiaries in Europe after Brexit. This is to counter the complications following Britain’s exit from EU. The bank is expected to run most of its continental business from Berlin, where it has around 300 staff. The bank may also open a subsidiary in Frankfurt to support its euro bond trading business, while a 3rd operation would support its closed-book insurance business. Each of the new subsidiaries will secure new licenses and will have capital reserves, though there may not be any significant movement of jobs. Frankfurt is Europe’s largest center for euro bond trading outside of London, and Lloyds already has a branch in the city. A location for the third subsidiary had not been decided.
