Milan moves to grab post-Brexit business

LUMINOSITY ITALIA

Italian Finance Minister Pier Carlo Padoan, Foreign Minister Angelino Alfano and Milan Mayor Giuseppe Sala are headed to a roadshow in London to further promote Milan as a business hub in post-Brexit Europe.

In their sights is the headquarters for the European Medicines Agency that will be forced to quit London. Milan is also bidding to become home to the European Bank Authority, the regulator of the EU’s banking system.

The effort is part a scramble across the continent to grab large business and administration operations that will no longer have unfettered access from London.
Italian finance sector looks to gain traction
Milan Stock Exchange: Like many business capitals, Milan is looking to seize opportunities in post-Brexit Europe.

Banking giant HSBC is headed to Paris, while US investment house JPMorgan Chase is reported to be eyeing Frankfurt.

Italy’s business capital Milan is also promoting its desirability as a regional financial hub as reform measures begin to gain some traction, bringing signs of renewed life in the financial sector.

Investment bank Lincoln International recently bought the Italian boutique firm Rondelli Advisers while Houlihan Lokey acquired the investment banking arm of Banca Leonardo. Investment multinational Vanguard is in the process of setting up a branch in the city and Allianz group will transfer a European operations office to Milan.

Deutsche Bank has consolidated its Italian workforce at its headquarters in the Bicocca district of the city as Credit Suisse restarts some marketing and product development functions in Milan.

Sky TV has announced the consolidation of its southern European operations in Milan. In the high-tech sector Microsoft is setting up new offices in the city, as are Amazon, Google and Samsung. Apple has already established a large center in Naples and is planning a superstore near Milan’s landmark Duomo.

As well, the European center for medium-range weather forecasts is expected to transfer a research and data center to Bologna.

Last October, UK-based budget airline Ryanair opened a new €32.5 million maintenance operation and “center of excellence” at Milan Bergamo Airport to service its fleet of Boeing 737-800 aircraft. A hub for its European destinations, Bergamo now has 76 Ryanair routes expected to handle 9.9 million passengers this year.

Its competitor budget airline EasyJet is expected to announce a new headquarters location in April with Austria, Malta and Portugal reportedly now under consideration.

A survey by BNP Paribas found that corporate demand for office space in London is falling in the wake of the Brexit vote, with 19 percent less space in central London rented compared to the year previous.