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BREXIT: Standard Chartered to open EU subsidiary in Frankfurt

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.04 May 2017

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 certainly require the UK to agree to freedom of movement of EU workers, and to comply with relevant EU regulations. Some financial contribution to the EU is also likely to be required, as is currently the case for the non-EU countries that form part of the European Economic Area (EEA), including Norway.