December 20, 2017 / 1:13 AM / in 3 months

BoE to allow EU banks to operate in UK as normal post-Brexit - BBC

Dec 20 (Reuters) - The Bank of England will on Wednesday unveil plans to allow European banks to operate in UK as normal post-Brexit, even in a “no deal” scenario, the BBC reported.

European banks offering wholesale finance, money and services provided to businesses and each other, would be able to continue operating through branches without having to go through the expensive process of creating subsidiaries, the BBC said, without citing sources.

The BoE could not immediately be reached for comment.

The BoE has come under pressure from bankers and financial lobbyists to fast-track licensing of European banks that want to continue doing business in London after Brexit to avoid cutting off customers and disrupting markets.

Over a hundred banks in London, which are branches of lenders headquartered elsewhere in the EU, operate under EU “passporting” rules and are uncertain whether they can still do business in Britain after it exits the bloc in March 2019. (Reporting by Ismail Shakil in Bengaluru)

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