March 28, 2018 / 8:40 AM / a year ago

BoE to update guidance on banks' preparations for Brexit on Wednesday

FILE PHOTO: A statue is silhouetted against the Bank of England in the City of London, Britain, December 12, 2017. REUTERS/Clodagh Kilcoyne/File Photo

LONDON (Reuters) - The Bank of England said it will publish later on Wednesday updated guidance on how banks and other financial services firms should prepare for Brexit, following a 21-month transition deal struck by Britain and other European Union countries this month.

The BoE said it would publish an update on its regulatory approach to preparations for Britain’s departure from the EU at 1 p.m. (1200 GMT).

More than 100 banks operating in London are branches of lenders based elsewhere in the EU and they will have to submit licence applications to continue working in Britain after Brexit. In December, the BoE said EU banks needed to submit applications from January.

Writing by William Schomberg. Editing by Andrew MacAskill

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