Germany's Deutsche Bank revealed Friday that it has picked a site for its new British headquarters, highlighting its commitment to London despite looming Brexit. The lender has entered into exclusive talks with British property developer Land Securities over a 25-year lease, starting in 2023, for a building under construction in London's City finance district at 21 Moorfields, near Moorgate tube.
"Deutsche Bank today announced plans to move to a new London headquarters in 2023," said UK chief executive Garth Ritchie in an internal memo. "Staff are due to begin transferring to the building from the second half of 2023, subject to an agreement to lease being reached and planning consents being obtained."
The bank's commitment to London will bring some comfort to British politicians and business leaders who are concerned that the City's cherished status as a global financial centre will be diminished by Brexit.