Europe's development bank to stay in London post-Brexit

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The European Bank for Reconstruction and Development (EBRD) is planning to stay in London after Brexit, in spite of the departure of other agencies with a remit covering Europe.

The partly EU-owned development bank is considering a move out of its offices overlooking Exchange Square, by Liverpool Street Station, but will remain in London if it does move.

The bank is considering a move to Canary Wharf, a spokesperson confirmed.

In 2016 the bank had 1,591 staff in London, with another 565 scattered through another 34 offices.

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The EBRD was set up in 1991 to fund development in the nations of the former Soviet Union in central and eastern Europe. It made €9.7bn in investments in 412 projects during 2017, according to its latest annual review.

Its heavyweight board includes a member from each of the 67 nations which back it, including UK chancellor Philip Hammond, and the finance ministers from France, Germany, Japan and the US. The EU and the European Investment Bank also share in the ownership.

The organisation has an eye on 350,000 square feet of office space at 5 Bank Street, which is currently under construction, the Financial Times first reported.

The EBRD’s board will make a decision by late September or early October.

Its decision to remain in London comes after the planned departure of EU agencies, including the European Medicines Agency, which is upping sticks for Amsterdam, and the European Banking Authority, which is moving to Paris.

Read more: European Banking Authority London staff to get extra time for Brexit move

Full story: Europe's development bank to stay in London post-Brexit: City A.M.

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