Standard Chartered to establish EU hub in Frankfurt

Standard Chartered is opening a EU subsidiary in Frankfurt, making it among the first of the banks to pick the German financial centre as it’s European hub ahead of the UK’s exit from the EU.

The firm already has a Frankfurt office meaning the move should cause “minimal disruption”, new chairman José Viñals said at the bank’s annual meeting, the FT reports.

Viñals said the bank hopes to elevate the Frankfurt office to a more heavily regulated subsidiary, subject to the approval of German regulators. The firm expects a number of jobs to move to Frankfurt, but the total is thought to be less than 100.