Brexit winner Frankfurt gets another shot at finance stardom

(July 4): And the Brexit winner is … Frankfurt? Could it really be? The city on the banks of the river Main had ambitions for decades to establish itself on a global map. It wanted to become West Germany’s new capital after World War II, only to lose out to provincial Bonn. After the introduction of the euro, it tried to rival London as Europe’s financial center, but never made it into the same league.

With Britain turning its back on the continent and banks scrambling to ensure continued access to the single market, this town of about 700,000 is getting another shot at climbing the ranks. In recent weeks, more banks have said they’re leaning toward “Mainhattan,” as the locals call their banking district, for their new EU hub. Standard Chartered Plc, Nomura Holdings Inc., Sumitomo Mitsui Financial Group Inc. and Daiwa Securities Group Inc. have picked the city. Citigroup Inc., Goldman Sachs Group Inc.and Morgan Stanley are weighing a similar move.

“Frankfurt has become the leading candidate for bank operations leaving London,” said Hubertus Vaeth, managing director of Frankfurt Main Finance, a lobby organisation. “Frankfurt and the whole region are reaping clear benefits.”

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