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Some of the experts might have foreseen an exodus of bankers which followed Brexit, but one influential European entity has confirmed to City A.M. it has the intention of retaining a U.K membership.
A spokesperson for Societe Generale has announced that the bank plans on moving into its Canary Wharf base in 2019, as it had already been pre-decided.
Earlier this year, Soc Gen has also made an acquisition of Kleinwort Benson, which allowed the French banking system take deep roots into the U.K soil. By the beginning of the year 2017, the private bank will have been fully integrated into Societe Generale’s business.
A spokesperson for Societe Generale mentioned earlier that they stay fully dedicated to their U.K platform, customers, and business no matter what the outcome of the referendum is. He also said that “The recent acquisition of Kleinwort Benson in the UK and our move to Canary Wharf in 2019 is a strong confirmation of this commitment.”
In the year 2014, Societe Generale announced its relocation to the east London business centre, with an intention to sign on to take a few floors at the new 1 Bank Street building on a 25-year lease.
The investment bank is one of those who are said to be planning a fast and significant displacement out of London which will follow the Brexit vote. According to FT, Ian Fisher, bank’s UK chief, confirmed that the bank would stay loyal to the London City.