The U.K.’s Brexit minister David Davis has opened the door to a smooth breakup with the European Union — but not in the way that most people would have thought.

In a memo obtained by the Financial Times, Davis reiterates he won’t bow to pressure from London’s financial elites to put “transitional” Brexit arrangements in place to protect their business. But he will consider such a move if the request comes from the EU itself.

Davis said he would be “more in favour. I will be kind,” if the EU calls for the transition, the memo said, according to the FT.

“Davis emphasized the PM’s conference speech, in which it was stated that the U.K. government wants a strong U.K. and a strong EU,” read the memo from a City of London Corporation representative, circulated after a meeting with Davis in November.

London’s financial center — or “the City,” as it’s commonly referred to — campaigned strongly against a Brexit earlier this year. It has since sought to convince policy makers to go for a so-called soft Brexit, where the U.K. keeps access to the EU single market.

Executives in the industry have also called for a transition period after the U.K. eventually cuts ties with the EU. This would allow companies to work under current arrangements until new trade deals are complete.

At the heart of the financial sector’s concern is losing key “passporting” rights that allow banks, funds and insurers to seamless sell their products and services across all 28 EU member states without complying to local regulation. The fear is that some institutions will move their operations to other European cities, such as Dublin, Frankfurt and Paris.

Read:Banks planning to abandon U.K. in wake of Brexit, trade body warns

Davis, however, doesn’t give much credence to those concerns and is doubtful any banks will live up to their warnings of moving to the continent, according to the memo.

The Brexit minister “queried whether the employees of U.S. banks warning of relocating in Europe would actually relocate, given the unattractiveness of Frankfurt and other cities in the EU, in comparison with London. As a result, jobs will go back to New York not Europe,” the City representative wrote in the note.

The Theresa May-led U.K. government has been met with resistance in kicking off the process of leaving the political union. A high court in early November ruled the government can’t trigger the Article 50 that officially starts the exit negotiations without approval in parliament. The government appealed the case and the Supreme Court just finished the four days of appeal hearings on Thursday.