Brexit drives up financial license applications in Luxembourg

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FILE PHOTO: A European Union flag is seen behind a British Union Jack during an anti-brexit protest in London, Britain, January 7,2019. REUTERS/ Phil Noble

LONDON (Reuters) – Forty-seven banks, insurers and asset managers have plans to relocate some activities from Britain to Luxembourg due to Brexit, Luxembourg for Finance said on Wednesday.

“Last year Luxembourg’s regulators granted 80 new licenses for banks, management companies, alternative asset managers, insurers and investment firms,” the agency that promotes the Grand Duchy as a financial center said in a statement.

“This number includes several financial institutions to have publicly announced their decision to relocate some activities because of Brexit.”

Reporting by Huw Jones, editing by Iain Withers

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