March 7, 2017 / 2:41 PM / 10 months ago

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

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

    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 license in Germany in addition to the license we currently hold in the U.K.,” an FCE spokeswoman said.

    Reporting by Costas Pitas; Editing by Ruth Pitchford

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