Brexit: Total set to move financial hub from London to Paris

Total Gas Station And Company Headquarters...A Total SA logo is seen at a gas station in Paris, France, on Thursday, July 22, 2010. The company, Europe's biggest oil refiner, releases its earnings next week. Photographer: Antoine Antoniol/Bloomberg

The French oil company Total is considering plans relocate its financial hub from the UK after Brexit to Paris in a show of faith in Europe, according to its chief executive.

Patrick Pouyanné announced plans for Total to move its central treasury, including between 60 and 70 jobs, back to the “heart of Europe’s economic and financial system” in Paris by the end of 2020.

“Total will bring its cash back to Paris,” he told a financial conference in the French capital on Tuesday morning.

He later confirmed the move on social media, tweeting that it was “a logical decision” given the UK’s decision to leave the EU.

Total’s decision to abandon the City will raise doubts once again over whether London can retain its position as Europe’s most important financial centre against competition from Paris and Frankfurt.

Total’s decision to return its financial core to Paris comes six years after the €128bn (£110bn) Paris-listed company moved its financial operations to London to be closer to the oil industry’s most important investors, advisers and analysts.

However, Brexit has raised uncertainty over the UK’s future access to other EU financial centres, and Total has set out plans to plough a fifth of its investment into low-carbon energy within the next 15 years.

Total began its retreat from the UK early last year after announcing plans to move its 200-strong energy trading team from London to Geneva in September.

It also moved the London-based team tasked with marketing its liquefied natural gas (LNG) to Paris to join the LNG business it bought from the French utility giant Engie.



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