Spain is working hard to attract London-based financial firms after Brexit, the president of Spanish financial regulator CNMV Sebastián Albella said at the Spanish Venture Capital & Private Equity Association annual congress.

Although Albella expects that London will continue to be the main financial centre of Europe, he invited UK-based investment firms to rethink their strategies and relocate part of their business in other parts of Europe.

Spain is particularly well positioned to be the partner of choice in this process, he said, because the country has managed to regain the trust of investors and now has a more open, resilient and competitive economy.

Albella has already met with JP Morgan, Goldman Sachs, Citibank, Merrill Lynch, Morgan Stanley, HSBC, UBS and Credit Suisse, among other financial firms.

Following the UK’s decision to leave the EU, HSBC has moved part of its staff to Paris, Barclays to Dublin, and Blackstone and Carlyle to Luxembourg.