Will Warsaw become the new financial capital after Brexit?

The large-scale migration of Poles to Britain may have contributed to the Brexit vote. But with the UK's pending departure from the EU, London is set to lose its lustre. So which city will take over as the new financial capital of Europe? Frankfurt, Dublin, and Amsterdam have the greatest chances, but Warsaw is also one of the favorites, according to the Bloomberg news agency.

Experts point out that around 60 percent of the Polish financial sector's assets are controlled by foreigners, and that banks and financial firms like BNP Paribas, UBS, and Goldman Sachs are already present in Warsaw. Also, many firms have their back office operations here. However, Poland has its minuses as well – above all, the fact that it remains outside the euro zone. Bloomberg also mentions Warsaw's appearance, maintaining that it still “looks like a Soviet bloc capital”.

While Frankfurt, with its 200 banks, 60,000-strong financial sector workforce, and ECB headquarters, is the frontrunner to take over from London, it too has its drawbacks, including restrictive labor laws and high taxes.