AIG May Shift European HQ Out of Britain

US insurer AIG may move its European headquarters from London to another European Union country because of Britain’s vote to leave the EU, the head of the AIG’s European and UK operations said at an industry conference on Tuesday.

AIG joins a growing list of finance companies that have said they may have to shift operations to continental Europe to maintain links to customers after Brexit. Speaking at the same conference, trade minister Mark Garnier said the government was listening to the financial industry’s concerns over Brexit. “We will aim to limit uncertainty surrounding business,“ Garnier said.

“The government fully understands the implications of Brexit for the financial services industry,“ Garnier told insurance trade body ABI’s annual conference.

Banks, insurers and asset managers in Britain fear losing access to the EU’s single market, and a damaging “cliff edge“ effect of leaving the bloc if there are no transitional arrangements ahead of any new trading terms agreed with the EU.

Anthony Baldwin, CEO of AIG’s European and UK arms, said the group might decide in the coming year to move its European head office from London to an EU country after Brexit, though it would still maintain a big London hub.

 

Source: Economic Times

Date: 23/11/2016

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