Germany to centre stage should Brexit occur, warns HSBC

Latest reports from Sweden  have cited HSBC’s head of German business Andreas Schmitz suggesting that the bank, Europe’s biggest, would shift its European headquarters from London to Dusseldorf in the event of a Brexit.

Affärsvärlden has cited Bloomberg as the source of the commment, in which Schmit suggested the German city, rather than Paris, would be the destination.

The Swedish publication also cites a Standard & Poor’s report in June suggesting that Frankfurt, Paris or Dublin could replace London as Europe’s financial capital in the event of a Brexit. And it adds that HSBC’s chieve executive Stuart Gulliver is in any case investigating whether the bank should move its global headquarters from London to Hong Kong.

Swedish business daily Dagens Industri cited German finance minister Wolfgang Schäuble a week back, suggesting that a Brexit would be a “catastrophe”.

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

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