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Deutsche Bank steps up plans to shift London global booking biz to Frankfurt

Deutsche Bank AG is stepping up plans to move its primary global booking hub for corporate and investment bank clients to Frankfurt from London, in response to Britain's impending departure from the European Union.

The German lender said it has begun to engage with clients regarding the trade booking business, with its intention to move the hub over the course of 2018, unless a transition deal between the U.K. and the EU is agreed.

"We believe it is prudent to begin this process now given less than 14 months remain until the U.K. is scheduled to leave the European Union and we must give our clients and our staff time to discuss and implement the required changes," the bank said.

Deutsche Bank disclosed in 2017 that it would transfer much of its trading and investment banking assets to Frankfurt and about €300 billion from the balance sheet of its London operation to the German city as part of its Brexit planning.