Banks

UK banks moving over 1 trillion euros of assets to EU over Brexit, ECB says

The stars of the European Union sit on banners flying outside the European Central Bank headquarters in Frankfurt, Germany, on July 20, 2017.
Krisztian Bocsi | Bloomberg | Getty Images

Seven big banks are moving around 1.2 trillion euros ($1.36 trillion) of assets from Britain to the euro zone as part of their preparations for Brexit, European Central Bank supervisor Ignazio Angeloni told Bloomberg.

"We expect seven significant institutions to come under ECB supervision at the outset, of which we already oversee three. There will also be some 17 new less significant institutions," Angeloni was quoted on Wednesday as saying.

"The seven large institutions will bring about 1.2 trillion euros of assets under the supervision of the ECB," he added.

He said that large investment banks will also come under ECB supervision at a later stage and they are also expected to move over some assets.