Citi eyes Madrid for private banking activities post Brexit

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Citigroup is eyeing moving private banking activities to Madrid ahead of the UK’s exit from the European Union.

The US bank is reportedly at an advanced stage to move part of the unit in 2018, El Pais reports.

Taxation and flexible labour laws are believed to be some of the reasons the Spanish capital was more attractive than alternatives in France or Germany. The move would involve fewer than 50 people.