London banks nearing decision on Brexit moves

As Britain prepares to negotiate its EU departure, a number of banks are likely to decide within two months where to set up new continental bases to make sure they can keep serving clients in the bloc after Brexit.

The ECB said it will host a meeting of banks on May 4 at its offices in Frankfurt. It will spell out in detail what those moving some of their operations out of London must do to apply successfully for a licence.

Talks with financial authorities have been under way for several months but the banks are expected to make up their minds imminently on where to move staff and operations.