At least three more financial firms have decided in recent months to relocate to Luxembourg following Brexit, a Big Four consultancy has said.
According to KPMG Luxembourg’s tally, as of 17 October, 24 banks, insurers and investment companies will set up operations in the grand duchy to maintain access to the EU single market after the UK leaves the bloc.
The number of outfits planning to shift hubs from the UK to Germany rose from 8 to 10 between June and October. For the Netherlands, the figure increased from 1 to 4, for Belgium from 2 to 3, and for France from 1 to 2, by KPMG’s reckoning.
Two fewer companies now intend to plant flags in Ireland; the number shrank from 13 to 11.