Banks in Britain that wish to have a presence in Germany after the U.K. leaves the EU must submit their banking license applications by June, Deutsche Bundesbank executive board member Andreas Dombret said, according to Reuters.

"Those who have not completed their planning by June and start implementing it run the risk of being on the losing side next year after Brexit," Dombret said Feb. 15 while addressing the Anglo-German club in Hamburg.

Dombret, who is scheduled to step down in April as a board member in charge of banking supervision at the German central bank, earlier warned banks and financial institutions to make preparations for Brexit and start implementing them by March or "risk being left high and dry by Brexit one year later."