Lloyds Banking Group is planning on running three separate subsidiaries in Europe after Brexit, according to reports.
The group was expected to manage its continental European business in Berlin, but Reuters reports it now plans two additional hubs.
The Financial Times says one is likely to be Frankfurt for its euro bond trading business while the second location, likely to support its closed-book insurance business, is yet to be confirmed.
The group, which is reportedly set to have its £109bn Scottish Widows Investment Partnership mandate taken over by BlackRock and Schroders, would not be the first institution to consider moving outside the UK post-Brexit.
Deutsche Bank is reportedly moving “hundreds” of jobs to Frankfurt from London, Barclays is making Dublin its EU hub and Goldman Sachs has started to move staff to the EU.