A handful of financial centres look set to battle it out as the base for banks and companies, with a skilled workforce and low cost base among the key differentiators 

The Swiss must play to their strengths as well as develop new expertise if they are to have any chance of regaining former glories

While the French government has not always been supportive of growing its financial services sector, Paris is gradually waking up to opportunities for expansion

Asset managers have long been using Luxembourg as a base for cross-border fund distribution but the Grand Duchy has found a new lease of life as a haven for tech-based start-ups

The Spanish capital’s financial landscape has been transformed in the last five years with consolidation in the banking sector and asset managers using the city as a springboard to Latin America

With half of all Italian private wealth managed by retail banks there is huge potential for private banks to expand domestically

Increased regulatory costs have seen asset managers moving fund management operations to Malta, although global custodians tend to look elsewhere

Cyprus is changing and learning from past mistakes. The banking sector has halved in size while there are great hopes for the shipping and funds industries