Standard Chartered PLC is planning to set up a subsidiary in Frankfurt to handle business that can't be conducted from its London headquarters after the U.K. leaves the European Union, the bank's chairman said Wednesday.
Speaking to shareholders at the bank's annual meeting, Chairman Jose Vinals said Standard Chartered is in discussions with regulators about the new unit.
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Banks operating in Britain are identifying new bases for European business, to avoid any disruption for clients when the U.K. makes its planned exit from the EU.
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(END) Dow Jones Newswires
May 03, 2017 07:03 ET (11:03 GMT)