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German banks association sees Brexit as opportunity for Frankfurt

Xinhua, August 18, 2016 Adjust font size:

Frankfurt can benefit from Britain leaving the European Union (EU) and can be a continental EU partner of London, the German Banks Association chief said on Thursday.

Speaking at a press conference held here, Michael Kemmer, general manager of the Association of German Banks, said: "As the seat of important European financial-sector institutions, embedded in a strong and highly innovative economy with a stable legal framework, Frankfurt is virtually predestined to be London's continental EU partner."

He called for political commitment to Frankfurt as a financial center. Kemmer is convinced that Germany and Britain will remain major trade partners even after Brexit and that London will retain its status as a global financial centre.

"We need a clear signal that Frankfurt, Germany's financial centre, is ready to take on board services and service providers from the UK. This will create new jobs and economic growth," Kemmer said.

He suggested that national regulatory obstacles be identified and removed to strengthen Frankfurt as a financial centre in the face of European competition. Endit