Standard Chartered plans to turn an existing office in Frankfurt
into a full EU subsidiary to give it access to the EU market after
Brexit.
The bank is currently working with regulators on upgrading the
status of the branch, which currently manages euro clearing, to a
full subsidiary, it said.
A small number of new members of staff will be hired locally for
the office and impact on UK staff will be minimal, Standard
Chartered said.
"This does not mean any change to our UK domicile, or a
change in our commitment to London," the bank said
Lloyd's of London announced plans in March to set up a
subsidiary in Brussels to secure access to EU markets.
Lloyd's is lobbying strongly for a continuation of the
current passporting regime. Passporting arrangements enable firms
based in one EU member state to trade anywhere in the bloc without
having to seek multiple authorisations. However,
reports have suggested that this type of single market
access would almost
