Lloyds bank, the UK financial institution which holds the largest ppi claims provision among the UK’s major high street banks and which in many ways was a leader in the mis-selling of ppi policies to customers living in the United Kingdom and abroad, has announced that it will create a base for it’s European operations in Belgium’s and the European Union’s capital of Brussels.
Six other major cities in the EU, spent many months trying to woo Lloyds through various offers and incentives for the bank to set-up it’s base there, but the bank eventually decided to settle on opening new offices in the Belgian capital.
The insurance market announced its decision on Thursday, the day after the UK officially fired the starting gun on its divorce from the EU. Chairman John Nelson said that the move would lead to “tens” of people either moving from London or being hired on the ground.
That number could change depending on the terms of the exit arrangements, he said, adding “we very much hope the Government negotiates a good deal but we have to assume risk of a harder Brexit”.
Mr Nelson said that Brussels was picked from a shortlist of five or six countries following a “thorough evaluation” in which areas such as clear regulation and talent pool – two things he said Brussels had without doubt – were important deciding factors.
The Belgian capital also beat its competition because it is at the heart of Europe, Mr Nelson said, adding that he hoped the move would open new business opportunities for Lloyd’s, which generates around 11pc of its profits from Europe.