Lloyds considers Berlin as an EU base post-Brexit
Lloyds Banking Group is said to be considering Berlin as its European base following Brexit, and could apply for a licence this year. The major UK retail lender's decision puts it out of step with rivals, who have focused on Frankfurt to offer them a EU foothold, should passporting rights for UK-based firms doing business with the EU come to an end in the next two years after Article 50 is triggered. It was recently reported that insurance giant Lloyd's of London was eyeing a potential base in Luxembourg.
Lloyds Banking Group eyes Berlin for new EU base post-Brexit

Lloyds Banking Group is closing in on Berlin as its new EU hub post-Brexit.

It was reported last December that the bank, which is the only major UK retail lender without a subsidiary in another EU country, was looking into establishing a base in either the Netherlands or Germany to make sure it still had access to the Single Market once the UK left the EU.

Now, Reuters has reported Lloyds is looking at converting its branch in the German capital into a subsidiary and might apply for a banking licence in the country later this year.

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The move could make it the odd one out from its financial sector peers. While many are said to be eyeing Frankfurt, Germany's main financial city and the home of the European Central Bank, there has been less interest in Berlin.

Lloyds declined to comment.

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Many across the financial sector have voiced concerns that Brexit will spell the end of passporting, a complex set of rights which is used by UK-based firms to do business in the EEA and vice versa. Concerns like these over market access are pushing firms to considering what options they have for keeping one foot in the EU following Brexit.

Last week, it was reported insurance market Lloyd's of London was considering Luxembourg as its new EU home post-Brexit, although it is understood the majority of its operations will remain in the UK.