Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

France 24 meets George Weah ahead of inauguration

Read more

MEDIAWATCH

Gymnast's fierce courtroom address

Read more

THE DEBATE

A whole new world: Trump anniversary special

Read more

#TECH 24

Will artificial intelligence ever surpass the human brain?

Read more

FRANCE IN FOCUS

Aiding migrants in France: What are the legal implications?

Read more

FOCUS

The challenge of clearing Colombia of landmines

Read more

REVISITED

Video: Gambians reflect on first year of democracy

Read more

FASHION

Pitti Uomo in Florence, the world's largest men's fashion showcase

Read more

ENCORE!

Award-winning Filipino filmmaker Brillante Mendoza on keeping it real

Read more

Business

‘Tired of fog? Try the frogs!’: France tries to lure London banks post-Brexit

© www.souple.fr, Defacto

Text by NEWS WIRES

Latest update : 2016-10-19

With a quip about British fog and French frogs, Paris began an advertising campaign on Monday aimed at poaching business from London after the Brexit vote raised questions about the future dominance of Europe’s top financial capital.

Billboards showing a green frog wearing a tie sporting the colours of the French flag and the slogan “Tired of the fog? Try the Frogs! Choose Paris La Defense” are being put up at London’s Heathrow Airport and the London train station of the Eurostar, showcasing the French capital’s business district.

The June 23 vote to leave the EU took many investors and chief executives by surprise, triggering the deepest political and financial turmoil in Britain since World War Two and the biggest one-day fall in sterling against the dollar.

Some bankers have warned that London could gradually lose its position as the only financial capital to rival New York because foreign banks could move out after Brexit, draining London of talent, wealth and trading revenues.

London accounts for 41 percent of global foreign exchange turnover, more than double the nearest competitor, New York, according to the Bank for International Settlements. London’s closest European competitors are Switzerland and Paris, which each take about 3 percent of global foreign exchange turnover.

Around 85 percent of European-based hedge funds are based in London, which is also the leading market for international insurance and reinsurance.

Officials from La Defense business district said the adverts were aimed at underscoring the attractiveness of the French capital’s financial powerhouse, which it said had lower rentals and good public transport.

“As regrettable as Britain’s exit from the European Union may be, we have to be pragmatic and promote our own assets,” Patrick Devedjian, head of the elected council representing the Hauts-de-Seine district where La Defense is located, said in a statement.

Marie-Cecile Guillaume, director general of Defacto, a public body involved in managing La Defense, said the campaign aimed to roll out “the blue, white and red carpet for thousands of professionals now seeking new European headquarters.”

This summer the French government introduced extra tax concessions for expatriates in the hope Paris could profit from Brexit, but experts say other centres with more flexible labour and tax rules are likely to be bigger beneficiaries.

French President Francois Hollande said on Saturday that Britain’s decision to leave the European Union should not jeopardize the bloc’s principle of free movement.

“They have decided to leave. I think the worst attitude would be to contest their choice or call into question the very foundations of the European Union,” Hollande told a conference on Europe in Paris.

(REUTERS)

Date created : 2016-10-18

  • UK

    British pound hit by 'flash crash' in biggest fall since Brexit

    Read more

  • BREXIT

    Britain to start EU exit process by the end of March

    Read more

  • FRANCE

    France pitches Paris as Europe’s main financial hub post-Brexit

    Read more

COMMENT(S)