INDUSTRY NEWS

Rapid growth behind the EBA’s switch to new Canary Wharf office space

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Europe’s banking regulator is set to take up residence at a new Canary Wharf office as it shifts from its old HQ in the City.

The European Banking Authority is set to move away from the Square Mile as it has grown exponentially over the last few years since its launch in 2011, and is now in need of bigger offices to accommodate such rapid development.

The regulator is set to move out of its current offices in the City’s Tower 42 and rent 45,000 sq ft of Canary Wharf office space in One Canada Square. It is reported to have signed a 12-year contract with developers Canary Wharf Group at an annual cost of £1.8m.

The EBA is not the first European regulator to move to Canary Wharf as the European Medicines Agency is already headquartered there.

Not everyone is shifting to moves to Canary Wharf however, with the Financial Conduct Authority moving the other way earlier this year. Opting instead to move to the site of the former Olympic Park in Stratford, away from it’s existing HQ at Canary Wharf.

Canary Wharf is now reported to have more than 100,000 workers in the area, a massive four times the same amount there only a decade ago.

It is the Canary Wharf Group’s target to try and double the amount of workers on location in the next few years.

By: Kirsty MacGregor

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