Insurer AIG is considering moving its head office out of London following the UK’s decision to leave the EU.
Anthony Baldwin, chief executive of AIG Europe, told the ABIconference that the company was considering a move to mainland Europe within the next year.
‘We might take the decision to move out of London in the next year,’ he said.
He said his firm is making these possible relocation plans and said that ‘most’ other financial services firms are doing the same.
Companies including Citi and UBS have suggested they will have to move jobs currently based in London if the UK cannot secure single market access.
Baldwin said AIG was likely to move its headquarters elsewhere in order to guarantee access to the single market.
‘With Brexit it is important to note that we will always have a London hub but we might have a European HQ elsewhere to access the single market,’ he said.
Baldwin added: ‘Ideally there is a long transition period that gives us more time.’
Source: City Wire