France’s effort to attract financial institutions from London to Paris following Brexit has surpassed expectations, affirming the country's growing influence in the banking and finance sector. After the UK’s decision in 2016 to leave the European Union, the French government embarked on an ambitious campaign to encourage international banks to relocate their European activities to Paris. This strategic move aimed to secure Paris’s position against other European financial hubs like Frankfurt, Amsterdam and Dublin. The results of this push are evident as numerous Wall Street banks, including Bank of America and JPMorgan, have expanded and cemented their presence in Paris. These banks have established regional trading centres in the French capital. Bank of France Governor Francois Villeroy de Galhau expressed his optimism about Paris’s post-Brexit achievements. This optimism was shared as the central bank unveiled its annual report on France’s balance of payments. This growing trend is also reflected in the balance of payments data with financial companies that moved from London to Paris contributing a substantial €1.5 billion ($1.7 billion) to France’s financial services surplus in the previous year. France-based financial services firms have experienced a surge in their transactions with the rest of the world. In 2022, they reached a record €10.4 billion; in effect, doubling pre-Brexit levels. This boost is attributed to increased commissions in securities and currency trading. The thriving financial services sector, coupled with substantial income from tourism and the maritime industry, particularly the presence of shipping giant CMA-CGM, has propelled France’s overall services surplus to a record €1 billion. That’s fantastic news for Paris as the city’s region is building a solid fintech ecosystem that covers the entire spectrum: financing, payment solutions, insurtech, regtech, investment and wealth management solutions, and banking services. Major financial players in the Paris Region prioritize transitioning to digital offerings and IT agility – a trend that’s been marketed in the industry on a global scale.