UBS Group AG chose Frankfurt as its central base in European Union after Brexit, Bloomberg reports. Bank started preparations to the worst scenario in case if the UK leaves EU without any agreement.

Swiss bank made decision a few weeks ago. And although Frankfurt will serve as a base location, UBS also plans to support offices in Madrid, Paris and Milan.

Earlier UBS announced that it already came up with more than 100 million francs of expenses due to Brexit. It includes transfer of personnel from London and legal costs.

According to bank’s leaders, UK’s decision has started having influence as financial companies are leaving the country.

Currently the bank is reconsidering its assets allocation to make it more neutral to equities and reduces exposure to emerging markets. It also considers options for small acquisitions among general tendency of consolidation within the sector. Asia will stay the key revenue driving region for UBS, therefore, the bank is taking active steps to strengthen its position in Chinese market.