BoE will permit EU banks to operate in Great Britain after Brexit

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.

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera