Deutsche Bank Weighs Moving $350 Billion From U.K. to Frankfurt
- ‘Project Bowline’ details steps for moving trades to Frankfurt
- Balance-sheet relocation due to be completed by March 2019
Deutsche Bank May Move $350 Billion to Frankfurt
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Deutsche Bank AG may shift about 300 billion euros ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union, according to a person familiar with the matter.
The project, dubbed Bowline, calls for trading in the German city to go live in September 2018 and for the assets to be moved over by March 2019, said the person, who asked for anonymity in discussing internal matters. Shifting 300 billion euros would be equivalent to almost a fifth of Deutsche Bank’s balance sheet, which listed 1.59 trillion euros in total assets at the end of last year.