Financial clearing house Euroclear is to relocate its holding company from London to Brussels in preparation for Brexit.
The move, which will see the tax domicile and registered office of the group moving to the Belgian capital later this year, follows the firm’s decision last month that it would set up a securities settlement operation in Ireland.
The firm employs 3,900 people globally, of which 60% are currently based in Brussels. Euroclear’s London operations employ around 300.
A spokesperson for Euroclear said that one or two jobs would be created in Brussels because of the move and there are no plans to reduce staff numbers in London.
Lieve Mostrey, Euroclear’s chief executive, was quoted in the Financial Times as saying that the firm felt “more comfortable” being based in the eurozone.
©2018 funds europe
