Credit Suisse Group AG will transfer many European funding banking operations to Spain as a part of its Brexit planning, the Swiss financial institution’s head of funding banking in Spain and Portugal, Wenceslao Bunge, stated in an interview with Growth.
The lender requested a Spanish banking license final month that can permit it to create a European hub for funding banking actions within the nation, Bunge instructed the newspaper. He stated he expects the Madrid-based funding banking operations shall be totally operational round mid-2021.
The choice represents a victory for Madrid as European monetary facilities jostle to take enterprise away from London after Britain’s resolution to go away the European Union ended unrestricted entry to its monetary markets. Zurich-based peer UBS Group AG has shifted merchants, danger and again workplace groups to Frankfurt, the place it already had a big presence in wealth administration.
Bloomberg in 2018 reported that Credit score Suisse deliberate to make Madrid its post-Brexit trading hub within the European Union. The appliance for a banking license will permit Credit score Suisse to start lending from Spain and switch Madrid right into a hub for a broader vary of funding banking actions.
“Credit score Suisse’s precedence has at all times been to make sure that we keep entry to European Union shoppers and markets whatever the outcomes of the Brexit course of,” a financial institution spokesman stated by electronic mail. “During the last three years, we have now added to our present capabilities in Spain, Germany and Luxembourg to supply this continuity for our shoppers. London will stay a key a part of the financial institution’s technique and footprint after the U.Okay.’s exit from the EU.”