German bank withdraws funds from accounts in Britain

Baku. 25 July. REPORT.AZ/ Deutsche Bank, the biggest financial organization in Germany, may withdraw approximately 350 billion USD from its accounts in Great Britain to German Frankfurt am Maine due to Brexit. 

Report informs citing Lenta.ru, Bloomberg quotes sources at the credit organization.

The agency notes that the project will be implemented throughout half a year starting from September 2018. Official representative of Deutsche Bank Monica Schaller has refused to comment on this information.

Notably, on April 25, it was reported that during the Brexit talks, the European Union intended to invoice Great Britain the bills covering London's obligations before the European budget and all financial institutions of the European Union.

Analytical Group of Report News Agency underlines that following Deutsche Bank, other big banks will also move their funds from London accounts to the EU. It will seriously damage the British economy. As a result, the rate of pound will decline. In the upcoming two years, the rate may decrease to 1,10 USD/GBP.