Lloyds Banking Group plans to operate three subsidiaries in continental Europe once the UK has left the EU, according to a source close to the matter, as it appears Brexit is fragmenting a banking industry that has been long concentrated in London.

Lloyds is the UK’s largest mortgage lender and it was previously expected that it would manage its continental business from one subsidiary in Berlin. However, executives have now planned two further hubs to service customers across the EU, the source told Reuters. While one of the hubs is likely to be in Frankfurt, the other is yet to be confirmed.

The plans from Lloyds indicated that Brexit is forcing banks to upend history and business models in a bid to ensure that they can continue selling their products across Europe.

Prior to this information being received, it was expected that many players in the banking industry would choose one primary continental hub to replace London following the Brexit vote.

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