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BoE will permit EU banks to operate in Great Britain after Brexit
The Bank of England is going to permit European financial institutions to keep selling their services in Great Britain without having to create costly subsidiaries after Brexit. That’s what the BBC informed on Wednesday.
The verdict, if confirmed, would mean that EU banks providing wholesale services wouldn’t come across fresh hurdles to operating in London, taking on New York for the title of the global financial capital.
As a matter of fact, a BoE spokesman refused to comment on the report. The BoE is expected to unveil its approach to future supervision of foreign financial institutions at 1300 GMT.
The BoE's proposal could be interpreted as an indication of goodwill by the UK in Brexit negotiations and also an attempt to preserve Britain’s position as the financial center that hosts more financial institutions than any other.
By the way, more than 100 financial institutions working in London appear to be branches of lenders headquartered in the European Union.
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