FRANKFURT, March 14 (Xinhua) -- Around 20 banks are expected to expand their presence in Germany's financial hub Frankfurt which is appealing to financial institutions as a result of Brexit, the Association of Foreign Banks in Germany (VAB) said on Wednesday.

"As a result of the Brexit, we expect about 20 banks to expand their presence here. This will involve up to 5,000 new jobs in the next two to three years, many of which will be hired locally," said Stefan Winter, Chairman of VAB at a press conference held here.

Winter sees "an unbroken interest" in Frankfurt among banks that are considering relocations due to Brexit. While insisting that Germany is an attractive location for the international financial industry, Winter urged the federal government of Germany to increase its attractiveness.