Edition:
United Kingdom

ABN Amro seeks subsidiary for clearing bank ahead of Brexit


Wednesday, 21 Nov 2018 

AMSTERDAM, Nov 21 (Reuters) - ABN Amro :* ABN Amro says in event of hard Brexit its clearing bank might not be able to access exchanges in Britain.* ABN Amro Clearing bank therefore has decided to set up a subsidiary in Britain, it said and is "discussing the set up with the UK authorities".* The subsidiary will ensure the ongoing access of ABN Amro Clearing Bank to exchanges and CCPs (central counterparty clearing), the bank said.* The subsidiary set up is for ABN Amro Clearing Bank and not ABN Amro Bank as a whole, it said..