FRANKFURT (Reuters) – Germany’s foreign banking association on Wednesday said that up to 5,000 new jobs in its member institutes would be created in the next 12 to 18 months due to Britain’s departure from the European Union.

The lobby for non-German banks in Germany said at an event in Frankfurt that while institutes were working hard to prepare for Brexit, not everything would be completely set up and functioning right after Brexit.

The association added that almost 50 financial institutes had decided to boost their activities in Germany.

(Reporting by Hans Seidenstuecker; Writing by Tassilo Hummel; Editing by Michelle Martin)