After Brexit, US based Citi bank is set to open a European private banking hub in Luxembourg. This news has been confirmed by the bank’s private bank which services clients with more than $25 million in total assets will benefit from the booking center in Luxembourg to mitigate potential disruption to business that might result from Brexit.
Other banks especially from Japan and USA are also expected to shift their European bases in London to other locations in Europe in case of a hard Brexit and are currently assessing their options. Britain is expected to lose financial pass porting rights which essentially allow banks with a base in the UK to sell products and services to customers and financial markets across the EU and cities including Dublin, Paris, and Frankfurt are battling it out to win business from London due to Brexit.
About Citi Bank
Citibank, a global bank, provides banking services such as accepting deposits, making personal and commercial loans, issuing credit cards and provides various other banking services. Citibank is headquartered in USA.