Standard Chartered expects $20m Brexit relocation cost

Standard Chartered's London office in 2012Image copyright Getty Images

Standard Chartered is set to spend about $20m (£15.4m) to turn its Frankfurt office into a European base due to Brexit.

The bank plans to create a subsidiary at its German branch to maintain access to the European market after Britain withdraws from the European Union.

German’s strong credit rating informed the bank’s location choice, said chief executive Bill Winters.

Standard Chartered has about 100 staff in Frankfurt currently.

The bank, which employs more than 86,000 globally, said in May it was in talks with German regulators about the move.

The firm has about 1,700 staff in London, where it opened an office in 1853.

Standard Chartered is the latest financial institution to discuss its planning for Brexit.

Barclays and JP Morgan are looking at expanding Dublin operations and RBS is looking at Amsterdam.

Deutsche Bank warned in April that it might move up to 4,000 jobs – or half of its UK workforce – out of the UK.

HSBC has said it could move 1,000 jobs to Paris, while UBS has said about 1,000 of its 5,000 London jobs could be hit by Brexit.

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