France's Sapin says Brexit would affect London as finance hub

"The City (of London) is a considerable financial force and I don't think that (Brexit) would transform all the elements that constitute its strength," Sapin said through a translator during a visit to London.

"But I don't think that it would be without effects which would have to be seen."

Some French banks had told him Brexit would have consequences for them and that some of their activities based in London might not carry on as they were, he said.