2017.12.2003:29:00UTC+00BoE to Allow EU Banks to Operate in UK as Normal Post-Brexit - BBC

The Bank of England will reveal plans to allow European banks to operate in the UK as normal post-Brexit, even in a “no deal” scenario, according to a report from the BBC.

European banks that offer wholesale finance, money and services provided to businesses and each other, would be able to continue operating through branches without having to go through the expensive process of creating subsidiaries, the BBC said, without citing sources.

The BoE has come under pressure from bankers and financial lobbyists to accelerate the pace on the licensing of European banks that want to continue doing business in London after Brexit to avoid cutting off customers and disrupting markets.

More than a hundred banks in London, which are branches of lenders headquartered elsewhere in the eurozone, operate under EU “passporting” rules and are uncertain whether they can still do business in Britain after it exits the bloc in March 2019.

The BoE has yet to comment on the news report.