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José Viñals, StanChart’s new chairman, said at the bank’s annual meeting that the likely move would cause “minimal disruption” to the bank’s operations as it already has an office and several staff in Frankfurt. He added that the bank was in talks with German regulators about upgrading the status of its Frankfurt office from a branch to a more heavily regulated subsidiary. Banks expect that after Brexit they will lose their right to operate across EU markets without having a separately capitalised subsidiary in the remaining 27 member bloc.
StanChart has consistently downplayed the impact of Brexit on its activities, which are focused on emerging markets in Asia, the Middle East and Africa, compared to other international banks that earn a large chunk of their revenues from the EU.
The bank, which had considered other cities for its new EU hub including Dublin, expects to shift a small number of jobs to its expanded Frankfurt office, expected to be in the low tens rather than hundreds.
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