Barclays Bank, who were one of the UK banks responsible for the massive mis-selling of payment protection insurance in the UK, has announced that it believes that the city of London will remain the financial centre of Europe, despite the UK deciding to leave the European Union.

Barclays Chief Executive Jes Staley, speaking to reporters at the World Economic Forum in Davos, Switzerland said that he believed that the British capital would retain its status as being Europe’s financial centre and that the majority of Barclays European banking operations would remain to be run from its London base.

The British Prime Minster, Theresa May earlier this week spoke at the World Economic Forum, where she unveiled her plan for the United Kingdom to leave the European Union, which would include the UK leaving the single market and seeking a Free Trade Agreement with the European Union.
Mr. Staley however stated that despite the UK’s forthcoming exit from the European Union he does not believe other banks would move their operations away from London.

Some of the other banks who could move their operations away from London, include the same financial institutions that have been implicated in the payment protection insurance mis-selling scandal.

These banks include: Lloyds, Santander, Royal Bank of Scotland, Natwest, HSBC and Northern Rock. Click here to discover more:

One of the main concerns that the banks have is that they are able to maintain access to Europeans banking passport system, which is a system which allows the banks to run operations from any country in the European Union, easily and without too much red-tape and regulations.

Some European cities have been rumoured to have been aggressively courting some of these banks to move their operations away from London, by offering various incentives and tax breaks. These cities include: Ireland’s capital city Dublin. The Dutch capital Amsterdam. Paris and Germany’s Frankfurt.