Lloyds Banking Group has settled on Berlin to set up its base in Europe after Brexit, according to reports.
The bank has been considering several cities in Europe to set up a new base after the vote to leave the EU last summer. It's the only UK bank without a subsidiary in Europe.
Lloyds is now looking to convert its office in the German city into its main base in Europe so it continues to have a presence after Brexit, the BBC reports. And according to the Telegraph, the lender which also owns Bank of Scotland, Halifax and Scottish Widows, will apply for a banking license from German regulator Bafin within the coming months.
Lloyds is one of several banks and City institutions eyeing options for operations in Europe once the UK leaves the bloc. It's expected that they will lose access to the Single Market and passporting, which allows UK regulated banks to operate elsewhere in the region.
Barclays is eyeing Dublin as a location for its EU base, expanding existing operations there, while HSBC is considering moving as many as 1,000 investment banking jobs to Paris.
Insurer Lloyd's of London confirmed last month that it will move its EU base to Brussels and Goldman Sachs will shift jobs to its existing locations in Germany and France.