Credit Suisse is planning to make Madrid the hub of EU investment banking operations following Brexit.

The bank has already applied for a banking licence in Spain. The news confirms a report by Spanish newspaper Expansion.

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The bank anticipates the receipt of the licence within a year.

The Spanish operations are expected to be fully operational by the middle of next year.

Credit Suisse head of investment banking in Spain and Portugal Wenceslao Bunge has spoken to Expansion on the move.

Bunge noted: “We believe in the country and the advantages it offers. Spain has a very important competitiveness position.”

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However, the bank has not yet revealed the number of bankers who will move to Madrid.

As per reports, 50 bankers have already relocated to the Spanish capital.

According to a Bloomberg report in 2018, it was said that Credit Suisse will pick Madrid its trading hub after Brexit.

A bank spokesman said: “Over the last three years, we have added to our existing capabilities in Spain, Germany and Luxembourg to provide this continuity for our clients.

“London will remain a key part of the bank’s strategy and footprint after the UK’s exit from the EU.”

Brexit contingency planning

Frankfurt has been a popular choice for major banking groups in their Brexit planning.

Previously, Credit Suisse rival UBS selected Frankfurt as its EU base following Brexit.

Deutsche Bank also announced plans to transfer assets from London to Frankfurt.

The aim was to ensure uninterrupted access to clients after Brexit.

Additionally, Citigroup, Morgan Stanley, and Standard Chartered picked Frankfurt as their new EU base.

Besides, Goldman Sachs leased more office space in Frankfurt in response to Brexit.