French officials are in London again wooing fintech and finance firms to Paris post-Brexit – Business Insider


People protect themselves from the rain under umbrellas at Trocadero Square near the Eiffel Tower in Paris, France, January 12, 2017.
People
protect themselves from the rain under umbrellas at Trocadero
Square near the Eiffel Tower in Paris, France, January 12,
2017.


REUTERS/Gonzalo
Fuentes



LONDON — The Vice-President of the Paris Region begins a two-day
visit to London on Monday as French officials continue their
aggressive courting of British businesses affected by Brexit.

Othman Nasrou, Vice-President of the Paris Region in charge of
international affairs and tourism, is visiting London on Monday
and Tuesday to meet a selection of finance and fintech companies.
Nasrou will pitch the companies on the attraction of Paris as a
location for finance firms post-Brexit.

Nasrou’s visit is part of an aggressive bid by French officials
from both local and central government to lure businesses away
from Britain in the wake of Brexit.

The UK’s exit from the European Union is seen as an opportunity
to attract business as Brexit will likely involve the loss of
passporting rights that allow companies to sell goods and
services across the EU from a UK base. This could force many
companies, particularly those in finance and professional
services, to set up licensed subsidiaries in other European
countries.

Senior lobbyists and politicians from Paris mounted a similar
charm offensive to Nasrou in February. Officials visiting London
then told journalists they expect to
attract as many as 10,000 jobs to France as a result of
Brexit.
France’s finance regulator has also

France’s finance regulator has also
put in place expedited licensing processes
to make it easier
and quicker for British firms to set up across the Channel.

France’s digital minister is
trying to woo British fintech
and
tech firms
and French Presidential favourite Emmanuel Macron
even used a visit to meet Prime Minister Theresa May last month
as an excuse to stump for business. Macron told reporters:

“I will have a series of initiatives to get talented people in
research and lots of fields working here to come to France … I
want banks, talents, researchers, academics and so on.”

As well as trying to convince companies to move, French officials
are also trying to force business out of Britain. The French are
keen to stop UK-based firms from being able to clear
euro-denominated trades post-Brexit. Currently, around 60% of the
trillion euro market passes through London.

France’s finance minister Michel Sapin said last year:
“There will be consequences [to Brexit]. But one thing is sure,
no one in the Eurozone will accept that the main clearing place
will be outside the European Union.”

However, France is not the only European city bidding to attract
talent away from London. Berlin, Zurich, Amsterdam, and Frankfurt
are all seen as
attractive destinations post-Brexit
and officials from each
have also been trying to attract companies.

French officials are in London again wooing fintech and finance firms to Paris post-Brexit – Business Insider}

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