The Swiss bank made the decision a few weeks ago, CEO Sergio Ermotti said in a Bloomberg television interview. While Germany’s financial centre will be the base, UBS will employ a multi-location strategy in the region, he said, naming offices in Madrid, Paris and Milan.

“The financial system is already operating on the assumption that there is no agreement between the UK and EU”, Ermotti said. “Whatever is going to happen from now onwards, it’s not going to make the exercise less expensive.”

UBS has previously said it’s facing a bill of more than SFr100 million ($103 million) because of Brexit, including the cost of relocating staff from the City of London and legal bills. EU regulators have made it clear they expect banks to establish full-scale, standalone operations within the 27 remaining member states as soon as possible.

Ermotti said the impact of Britain’s decision to leave the EU has already been felt, with companies pulling back across the continent.

“It’s a complication that undermines the willingness to make investments,” he said. “In the UK and in general in Europe this has been something that has prevented people taking action and investing for the future.”

The firm is the latest to move its European headquarters from London. This publication reported recently that JP Morgan is building a “significant” wealth management business in Luxembourg to help clients ahead of the UK’s departure from the EU.