And Brexit happened. After two years since the referendum and over a year of trying to sign a deal, the UK has finally left the EU last Saturday. While the government still has to take steps to ensure a smooth way out, many have started to speculate: which city will be the next EU financial hub instead of London? We looked at the most promising candidates.
Dublin, Ireland
UK’s closest neighbor has a lot of potentials. One of the main aspects is the English-speaking environment, which is, of course, more convenient for international businesses entering the market. On top of that, a lot of companies have already relocated to Ireland, as it is easier to do from the UK. FinTech companies tend to favor the Irish business environment, and Dublin already has access to over 400M European consumers.
Frankfurt, Germany
Frankfurt is another huge financial hub in Western Europe, being a home for a lot of German business giants that have a big influence in Europe. Being a financial capital of Eurozone and hosting headquarters of European Central Bank, Frankfurt is already on the way of becoming a global financial center.
Amsterdam, the Netherlands
Dutch capital is emerging as one of the beneficiaries of post-Brexit. It is home to the world’s oldest stock exchange, attracting those who are interested in finance and trade. The Dutch government has been in talks with over 250 companies to transfer to Amsterdam before Brexit. The population’s great English-speaking skills could serve as an advantage over other European challengers.
Paris, France
A lot of banks have been considering Paris as a transfer option in case of Brexit. France is known for stable and successful banks, and it holds the largest asset management firm in Europe.
Should it be only one financial center though? Some experts say, the solution could be done in a European way, with financial centers in various locations. Paris would most likely take banks, Amsterdam being responsible for trade and Dublin taking over FinTech.
Another fast-developing region could become the Baltics. Estonian, Latvian, and Lithuanian governments have already developed a pleasant infrastructure for international businesses to enter the market, creating laws for growing startup environment in order for companies to benefit the most from geographical and technological advantages of the region. These countries could be a great start for new businesses entering Eurozone.
