Citigroup is at an advanced stage in plans to move part of its private banking unit from London to Madrid next year as a result of Britain's decision to leave the European Union, a source familiar with the matter said on Thursday.
Reuters reports that several banks are opting to build up subsidiaries outside Britain so their trading operations in the EU continue without too much disruption once Britain leaves the bloc in March 2019.
"There is an advanced plan to move part of the private banking unit to Madrid during 2018," the source said, confirming an earlier report about such a move by Citgroup that was carried in the Spanish newspaper El Pais.
El Pais said that fewer than 50 people could be transferred, while the source said the number would be lower still and the final number and a decision would be taken as Brexit negotiations unfold.
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