Citi Private Bank has now opened a new booking centre in Luxembourg which will absorb 2000 clients affected by Brexit, thewealthnet has learnt.

As part of the bank's Brexit planning, it will move client accounts with structures based in the EU from the UK to this new centre.

This will amount to around 2,000 accounts being moved out of the UK, with estimates of between €15 billion and €20 billion being transferred, although Citi did not disclose the official sums.

According to reports, Citi has established a 17-strong private banking team in Luxembourg and plans to increase this headcount over...