Lloyds Banking Group may select Berlin as its European base to address markets in the European Union when Britain leaves the EU. The bank is examining steps to turn its branch in the German capital into a subsidiary and may apply for a license later. Lloyds is the only major British retail lender without a subsidiary in another EU country and it would be the first major lender to commit to Berlin as a hub to access the rest of the continent after Britain quits the EU. Many other European banks are considering Frankfurt, the country’s main financial hub and the home of the European Central Bank, as the preferred destination.
