LONDON (Reuters) - Credit Agricole is to move its European government bonds trading platform from London to Paris in September 2017, a spokeswoman for the bank told Reuters.
“To achieve critical mass, Credit Agricole CIB has decided to concentrate its euro flow rates market making capabilities in Paris,” said the spokeswoman.
“Therefore the European government bonds trading platform currently based in London will be relocated, as of September 2017, to Credit Agricole CIB in Paris where it will be positioned at the heart of our euro swaps, repo and inflation focused activities,” she said.
French bankers have pledged to create 1,000 jobs in Paris as part of a plan to shift their operations out of London once Britain leaves the European Union.
However, despite efforts by the French government to attract London banks after Brexit, international banks so far have mostly chosen Frankfurt as their EU hub.
Reporting by Abhinav Ramnarayan, Additional reporting by Maya Nikolaeva, Editing by Carolyn Cohn