Wells Fargo has asked French regulators for an investment firm licence, in the latest boost for Paris as it looks to become Europe’s pre-eminent banking centre after Brexit.
The announcement on Tuesday “is part of the company’s Brexit strategy, which is predicated on supporting the capital markets and investment banking needs of Wells Fargo’s customers in a post Brexit environment,” said Wells, the third-biggest US bank by assets, in a statement.
“With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union and European Economic Area,” said Alicia Reyes, head of Wells Fargo Securities in Europe, Middle East and Africa.
Well’s new unit — Wells Fargo Securities Europe — “will offer a range of capital markets and investment banking services to its European and international customers.”
“Further announcements on Wells Fargo’s Brexit strategy are expected to be made in the near future,” added the bank. [...]
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