Deutsche Bank looking for another large office in Frankfurt ahead of Brexit: Source

[FRANKFURT] Deutsche Bank is scouting around for another large property in Frankfurt that could house hundreds of employees as it prepares for Britain's departure from the European Union, a person familiar with the matter said on Wednesday.

The bank has its landmark twin-tower headquarters in the city, Germany's financial services capital, but also operates several smaller locations around town.

The additional large space being sought now would allow the bank to consolidate some of its secondary locations in Frankfurt, improving efficiency, the person said.

The new large space would also help house an expected increase in local headcount as the bank moves some operations from London as a result of Britain's divorce from the European Union, the person said, speaking on condition of anonymity because the plans are still preliminary.

Deutsche Bank's search is yet another sign that Frankfurt's office property market is heating up.

Property firms in Frankfurt have seen an increase of more than 20 per cent in office space rentals over the past year as the uncertainty over Brexit prompts banks to look at moving to Germany's financial capital, the city's chief promoter said.

Deutsche Bank has not yet said how many jobs it expects to shift from London although one official earlier this year said up to 4,000 jobs could move.

REUTERS