China Everbright Bank will relocate its European business to Luxembourg after the United Kingdom leaves the European Union, which could be as early as 2019.

The bank announced last week it had received approval from regulators in the tiny grand duchy to set up an office as it puts together contingency plans in the wake of Brexit.

Last year, in a referendum, the UK electorate voted narrowly to withdraw from the EU after more than 40 years inside the trading bloc.