More than 60 financial firms relocate to Luxemburg from UK

More than 60 financial firms have moved some operations to Luxembourg to insulate themselves from the effects of Brexit, a industry group said last week.

As EU lawmakers voted in Brussels to confirm Britain’s departure from the bloc, public-private agency Luxembourg for Finance released its figures.

According to accountants KPMG, Luxembourg has welcomed 65 firms owing to Brexit, ahead of Ireland on 64 and the Netherlands and France on 30 each.

These companies include banks and their departments, insurers and stock brokers shifting operations from the City toward continental locations.

Luxembourg for Finance CEO Nicolas Mackel said the duchy would be “an EU hub for firms considering their post-Brexit plans.”

According to the group, 60 firms “have publicly announced the relocation of activities to Luxembourg due to Brexit,” and at least ten more will do so.

“Since the Brexit referendum in 2016, Luxembourg has seen a spike in interest from firms planning for their future EU and cross-border activities,” it said.