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Ford's European credit arm considers adding German banking licence due to Brexit
March 7, 2017 / 2:37 PM / 8 months ago

Ford's European credit arm considers adding German banking licence due to Brexit

GENEVA (Reuters) - Ford’s (F.N) European credit arm FCE said on Tuesday it was considering applying for a German banking licence alongside its current British one, because the future of passporting is uncertain after Britain leaves the European Union.

Snowflakes are seen on the badge of a Ford car in Warsaw, Poland December 17, 2016. REUTERS/Kacper Pempel

Passporting allows for any financial firm to serve the whole EU region from a single base, cutting costs and red tape.

“As the future of passporting is uncertain post-Brexit, FCE is conducting a detailed study with a view to potentially applying for a banking licence in Germany in addition to the licence we currently hold in the U.K.,” an FCE spokeswoman said.

Reporting by Costas Pitas; Editing by Ruth Pitchford

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