Mubasher: The European Union (EU) on Friday announced it would move the European Medicines Agency (EMA) and European Banking Authority (EBA) out of London by the Brexit deadline, set on 30 March 2019, according to BBC News.

The EU will hold a competition between member states to decide which country will host the two agencies. Several countries have already begun bidding to host them.

Vote procedures are scheduled to take place in November. Each EU foreign minister's vote for a preferred bid will get three points, while  two points will go to the second-favourite and one point for the third.

Voting will be based on accessibility and efficient infrastructure, which are the top two agreed criteria upon.

The relocation will result in hundreds of jobs leaving London, added to significant revenues from hotel stays and conferences; however, these two will likely be relocated to the EU member state that wins the hosting of the EMA and EBA.

The 27 EU member states approved the selection process on Thursday night during the Brussels summit, stating that the UK will pay the relocation bill, as Brexit was its decision.

The EMA's total number of staff reached 890 in 2015, while the EBA's was 189.