November 19, 2018 / 10:56 AM / 23 days ago

Twenty-five banks 'well advanced' in talks for post-Brexit EU licence - ECB

European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Twenty-five banks are “well advanced” in their talks with the European Central Bank to retain a foothold in the European Union even after Britain leaves the bloc, the ECB’s top supervisor Daniele Nouy said on Monday.

Banks that conduct their EU business out of London are having to secure a new or expanded banking licence from the ECB if they are to keep unfettered access to the 27-countries club after Brexit.

“We have 25 banks... which possibly are very well advanced” she told a conference, adding that the tally would rise to 37 if other financial entities such as investment firms are included.

Nouy said the ECB had talks with between 50 and 60 firms in total.

Britain is due to formally leave the EU in March 2019.

Reporting By Francesco Canepa; Editing by Balazs Koranyi

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