Standard Chartered Bank is toying with the idea of having Frankfurt as its European base following Brexit. The bank’s chairman Jose Vinals said the bank may set up a subsidiary in the EU to ensure continuity. The choice of Frankfurt is very natural as the bank has a branch there and it does euro clearing there. Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc if Britain no longer has access to the European single market. Bankers say Frankfurt is set to win the most business following a discreet but concerted campaign to promote the financial center of Europe’s biggest economy. Meanwhile the bank’s head in Germany Heinz Hilger has said the bank will set up a European subsidiary in Frankfurt and apply for a full banking license.
