"Brexit is a loss for the European Union despite Germany profiting from it," said German Chancellor Angela Merkel in Hamburg, on Wednesday.

Speaking at an event organised by the German Sparkasse, Merkel stated "Some players in finance have already made their decision to relocate their businesses or to rebuild it somewhere else. Germany is profiting from that, too. However, this does not change that ultimately Brexit is a loss."

The German Chancellor added that "Theresa May, the [UK] Prime Minister, said rightfully 'We are leaving the European Union, not Europe.' And because Europe is very much about the inter-relationship between war and peace and the future, for me it is very very important that the process of the exit of Great Britain is being conducted in a self-determined manner regarding the time-frame in order to avoid having a situation in history where the European Union would push or hurt Great Britain."

Merkel concluded her statement by expressing her commitment to finding a compromise in the trade conflict between the EU and US through new talks.

More videos