LONDON, U.K. - In the aftermath of Britain's planned exit from the European Union - which will take place next year - German lender, Deutsche Bank has announced that it would be moving its assets out of London.
The financial giant said in a statement on Monday that in line with British and EU regulators, it would move its assets from London to Frankfurt after Brexit.
On Monday, amid growing uncertainty related to Britain's post Brexit status, Deutsche Bank announced in a statement, “The terms on which banks will operate in the EU and U.K. after Brexit remains unclear in the absence of a firm political agreement."
However, Deutsche Bank clarified, "Our intention is to operate in the U.K. as a branch in line with the Prudential Regulation Authority’s guidance."
A report in Reuters quoted a source close to the matter as saying that the German lender is considering shifting large volumes of assets from London to Frankfurt.
The source added that the move by Deutsche Bank is aimed at transforming its U.K. arm into a smaller, and less complex subsidiary.
Last year, the bank made a brief announcement, revealing its plans to ditch London and instead, make Frankfurt the primary booking hub for its investment banking clients.