Frankfurt as the European Financial center will become increasingly important for Egyptian and further Arab banks and financial services institutions with business links to Germany and Europe respectively.More than 1.2 trillion dollars in assets will have to be relocated after Brexit. Frankfurt is poised to gain $800 billion.
On Monday Frankfurt legal and regulatory experts are set to discuss Egypt's increasing role as a financial hub not just for continental Europe, but the larger MEN region as well, at a Cairo event.
With the United Kingdom’s coming exit from the European Union,
Frankfurt Main Finance, representing Frankfurt Financial Centre with the support of the Central Bank of Egypt, will inform the financial industry in Cairo of the most recent developments at the Diplomatic Club in Cairo.
“As the financial centre of Europe’s leading economy Germany and the home of the European Central Bank, Frankfurt is taking the lead to benefit post Brexit. 48 financial institutions, mainly from the US, Europe and Asia decided to relocate whole or part of their European Banking business to Frankfurt,” said Hubertus Väth, Managing Director of Frankfurt Main Finance e.V. “We see now a second wave coming from the MENA region.”
Yusef Ahmed, founder and managing director of FIC Frankfurt International, said: “As companies and banks finalize their Brexit contingency plans, Germany is committed to supporting Frankfurt’s key position in the new landscape of Europe’s financial industry.”
“While from a legal point of view regulatory issues for banks moving into Frankfurt have been most discussed in the face of new political conditions, Brexit also hosts opportunities for Frankfurt to establish itself as not only an M&A centre but also a transaction-financing hub,” said Dr. Nicolas Bremer, partner of international law firm Alexander & Partner.
Dr. Rüdiger Litten, partner of international law firm Fieldfisher, who has supported Kuwait Finance House establishing their fully licensed bank in Frankfurt, adds: “In the past months awe see an increasing number of banks and financial institutions from the MENA-region seeking our advice in opening shop in Frankfurt.”
The event will take place at the historic Diplomatic Club Cairo on 25 March 2019, from 6:30pm to 9:30pm.