Brexit is an opportunity to revamp Europe's financial landscape, according to Milan

Hayley Kirton
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Could Italy have answers to businesses' Brexit questions? (Source: Getty)

Brexit could be a great driver for change in financial reform across Europe, according to a group established to promote business relations between London and Milan.

Select Milano chairman Bepi Pezzulli told City A.M.: "Every time you have [a shock like the Brexit vote] you also have the opportunity to create economies of efficiency and do something better."

In particular, ​Pezzulli pointed out that Brexit could give Milan motivation to makeover its offering to the finance industry, including creating a "cluster [of] bankers, lawyers, accountants, universities [and] research" similar to "the successful ecosystem of London".

Read more: Firms are unwittingly entering the political fray with Brexit price rises

​Unlike some other cities, which seem keen to use Brexit as an opportunity to lure banks away from London, ​Pezzulli said Select Milano is more interested in building a collaborative platform between the UK's capital and the Italian city and to help give London firms "a foot on the ground in the Eurozone".