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Hubertus Vaeth was considered crazy when he launched a Frankfurt initiative to lure banks there after Brexit. “Are you nuts? What did you smoke?,” his critics asked according to the managing director of Frankurt Main Finance (FMF) in an interview with AFP. No one is laughing now. More than four years after the vote that took Britain out of the European Union, Frankfurt is emerging the winner among EU financial capitals in attracting London’s much-coveted banking business, ahead of Paris, Milan and Amsterdam. The Bundesbank estimates that non-German banks could move €675 billion to Europe’s largest economy. That is just over half the total amount of assets (€1.3 trillion) that the ECB had estimated would be transferred to the eurozone from Britain ahead of Brexit. ....
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