The outflow of clients and assets due to Brexit is the reason for such decision.
The largest German commercial bank Deutsche Bank AG can withdraw 300 billion euros from the balance of its British subsidiary to Frankfurt, Correspondent.net reports.
The outflow of clients and assets to the continent after UK decided to exit EU is the reason for such decision.
The bank is going to start transferring assets in September 2018 and complete it in March 2019. It will start informing the clients about it in this September, the agency reports.
As Bloomberg notes, 300 billion euros are actually one fifth of the balance of Deutsche Bank.
Previously, CEO of Deutsche Bank John Cryan stated that he is preparing to the difficult withdrawal of the United Kingdom from EU and that most transactions, which the bank conducts in London, may be transferred to Frankfurt.
