INTERNATIONAL bank Crédit Suisse plans to shift part of its workforce to Madrid from London in light of Brexit as it wants to retain access to its clients and markets in the European Union.
Around 50 employees of the Swiss entity are preparing to relocate to the Spanish capital amid talks with staff and their representatives, regulators and other key figures as the company fears it may be cut off from its operations in the EU in the event of a 'hard Brexit'.
The central European country's second-largest bank says it will expand its existing premises and operations on the continent after next March 29, but will keep a presence in the British capital because 'London will continue to be a key part' of the firm.
At present, Crédit Suisse has 240 employees in Spain, a number which will rise by over a fifth in the event of a no-deal Brexit or if sufficient guarantees are not provided in time for the Article 50 deadline.
Switzerland's biggest bank, UBS, is also making crisis plans, which will involve fusing its London branch with its European holding that operates from Frankfurt, Germany.
Although Crédit Suisse and UBS are based in a country which is not in the European Union, its offices in the UK have always been part of its network within the EU, where it prefers to focus its activities outside Switzerland.
Once the UK leaves the EU, the banks' branches in the former will not serve the same purpose, hence the decision to move certain strategic areas to the continent.
