US money transfer giant MoneyGram has picked Brussels as a possible alternative to London for its EU headquarters after Brexit, it emerged on Friday. Texas-based MoneyGram follows a long list of global companies that are contingency planning for Britain's impending divorce from the EU, set for March 2019. The choice marks a success for the Belgian capital, once dubbed a "hell hole" by US Presidency Donald Trump, as several European cities battle to take over London as the financial hub in Europe.
"MoneyGram contacted the Belgian national bank last spring about moving its European headquarters from London to Brussels," said Geert Sciot, a spokesman for the BNB, Belgium's central bank. MoneyGram received its license "a few weeks ago", which was a necessary step if MoneyGram wanted to keep operating in the EU after Britain's departure, Sciot said. The license provides MoneyGram "passporting" rights - which allows companies to trade across EU member state borders, providing a gateway to access the rest of the bloc.
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