Wells Fargo seeks to create Paris hub as part of Brexit plan

[October 16, 2018]  (Reuters) - Wells Fargo & Co <WFC.N> said on Tuesday it has applied for an investment firm license in France as part of its Brexit strategy.

The San Francisco-based bank is planning to offer a range of capital markets and investment banking services to its European and international customers, subject to regulatory approval from French Prudential Supervision and Resolution Authority.

The new unit will be called Wells Fargo Securities Europe S.A.

Financial centers such as Luxembourg, Paris and Frankfurt are battling each other to attract banks, insurers and asset managers in Britain who need a base in the European Union after the UK exits the bloc in 2019.

Companies from across the EU use London for currency trading, derivatives and managing investment funds.

Some EU policymakers want parts of these activities shifted to the continent after Brexit to avoid relying on what will then be a foreign financial center.

Wells Fargo said it will make more announcements on its Brexit strategy in the near future.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.