The Association of Foreign Banks in Germany expects about 20 banks to expand their presence in the country following the U.K.'s decision to leave the EU, its chairman said March 14.
Stefan Winter said there is an "unbroken interest" in Germany's financial center from banks, with supervisors and regulators being "well-positioned" to accept moves to the country.
Brexit moves to Germany will entail 5,000 new jobs, many of which will be hired locally, in the next two to three years, Winter said. However, he cautioned that much will depend on whether there will be a transitional period.
Guido Zoeller, co-vice chairman of the body, added that they "will provide even more information in English and set up English-speaking working groups." He added that the body's current "inbound view" will be changed.
UBS Group AG, Credit Suisse Group AG, Goldman Sachs Group Inc. and Morgan Stanley are some of the banks that have suggested they will move people to Frankfurt from London, while Lloyds Banking Group Plc intends to transfer its European base to Berlin.
