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France in 'serious' talks with firms seeking to relocate from London post-Brexit


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France in 'serious' talks with firms seeking to relocate from London post-Brexit

French officials have engaged in "serious" talks with financial institutions seeking to relocate from London post-Brexit, according to Banque de France Governor François Villeroy de Galhau.

Paris has "every chance" of attracting banks, Villeroy de Galhau said, Reuters reported May 29.

France is said to be pursuing talks with at least 20 large companies, including U.S. lenders Bank of America Corp., Citigroup Inc. and Morgan Stanley, "people briefed about the discussions" told the Financial Times.

Asset manager BlackRock Inc. is also in talks with French officials, who claim that Emmanuel Macron's victory in the recent French presidential elections has given the country's efforts to lure financial firms from London after Brexit a boost, the FT added.

French officials are also targeting JPMorgan Chase & Co., even though the bank had already indicated plans to move hundreds of bankers to existing units in Dublin, Frankfurt and Luxembourg in preparation for Brexit, according to the May 28 report.

Paris is competing with other financial centers across the EU for the biggest slice of London's business after the U.K. leaves the EU.