The skyline is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach
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German regulators will meet more than 20 foreign banks Monday to spell out requirements for moving some operations to Frankfurt, people familiar with the matter said, as the city accelerates plans to win over business from London after Brexit. The meeting, the first such gathering of its kind in Germany, is being hosted by financial supervisor Bafin to cope with increasingly detailed inquiries from banks as Britain prepares to trigger EU divorce talks, people involved said.Executives, chiefly those in charge of regulatory issues, from banks including Morgan Stanley, Goldman Sachs and Citigroup are due to attend the meeting in Bafin's Frankfurt offices, the people said."We've been prepared for Brexit in Frankfurt since before the day of the vote," said Hubertus Vaeth, head of Frankfurt Main Finance, a group backed by local government to promote the city.He predicts that 10,000 jobs will move to Frankfurt over five years, starting gradually in 2017 before gathering pace the following year, with investment banks among the early movers. Stefan Winter, chairman of the Association of Foreign Banks in Germany, whose members include some of Europe's largest banks, said the mood among politicians in Germany was becoming increasingly welcoming toward banks.Germany's economic strength and the fact that Frankfurt is home to the ECB makes it attractive for banks.
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