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Brexit Would Cause Big Problems for German Banks: German Financial Watchdog

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A British vote to leave the European Union would hit large German banks, given their heavy exposure to London, the head of German financial watchdog Bafin said in an interview with German newspaper Tagesspiegel.

Bafin President Felix Hufeld told the newspaper in an article to be published on Monday that he hoped Britons would vote to remain in the European Union.

If not, “the biggest banks would have the biggest problems,” the newspaper quoted Hufeld as saying. “They have the most activities in, and with, London,” he said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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