Major banks eyeing move to Paris, claims French regulator

Some “large international banks” banks based in London are in the advanced stages of planning to relocate at least part of their operations to Paris, according to Benoit de Juvigny, secretary general of the French financial regulator Autorité des Marchés Financiers (AMF).

He also told the BBC Newsnight programme that, because of concerns that a post-Brexit UK could lose the passporting rights that enable the financial sector to trade freely throughout Europe, “many other” British companies had made informal inquiries about moving across the Channel. “In some cases I would say we are still at the level of inquiries or informal inquiries by consultants, by lawyers and so on,” Mr de Juvigny said. “But in other cases, especially regarding large international banks, it’s a normal informal inquiry but they have been undertaking due diligence, and we are receiving lots of practical questions regarding the way they are going to be managed from our perspective, from their relationship with the French regulators.” Nicolas Mackel, the head of Luxembourg for Finance, has already claimed that London financial institutions were eyeing moves to Luxembourg while Frankfurt, Dublin, Amsterdam, Milan and Madrid are among other cities making overtures towards London-based financial services companies.