CONTACT US

For any general inquiries, please fill in the following contact form:

SUBMIT

Citi's private bank to set up Luxembourg unit to cope with Brexit

Citi's private bank to set up Luxembourg unit to cope with Brexit

By REUTERS         

LONDON (Reuters) – Citigroup <C.N> said its private bank is to set up a booking centre in Luxembourg to ensure it can continue to serve European Union clients after Britain leaves the bloc in 2019. Citi currently operates its European private banking operations out of London, but UK finance firms may lose their ability to sell their services to EU clients unless the British government manages to strike a deal with the bloc. “The decision is based on what is best for our clients and what will allow us to continue to service our clients without any disruption,” a spokeswoman for Citi said in a statement on Thursday. The U.S. bank has already said it will headquarter its EU trading operations in Frankfurt after Brexit, and has also applied for a licence for its markets business in France.

(Reporting by Rachel Armstrong; editing by Carolyn Cohn) 

http://www.euronews.com/2017/1... 

MORE NEWS

The UK Refused To Raid A Company Suspected Of Money Laundering, Citing Its Tory Donations

The UK Refused To Raid A Company Suspected Of Money Laundering, Citing Its Tory Donations
The British government refused to assist a French investigation into suspected money laundering and tax fraud by the UK telecoms giant ...

$7 Billion Hasn’t Moved The Needle on Financial Crime: Gadfly

$7 Billion Hasn’t Moved The Needle on Financial Crime: Gadfly
Europe’s banks are eager to show that the money they’ve splurged on bolstering their compliance departments is paying off: HSBC Holdings ...

Use inheritance tax to tackle inequality of wealth, says OECD

Use inheritance tax to tackle inequality of wealth, says OECD
Wealth inequality is even greater than income inequality and is on the rise, says new report.Governments should consider deploying the ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA