The ECB will work with the Bank of England's Prudential Regulation Authority in the coming months on a comprehensive memorandum of understanding on how banks should be treated in their respective jurisdictions after Britain's exit from the EU, Reuters reported, citing ECB supervisory board member Ignazio Angeloni.

U.K. banks will lose unrestricted access to the EU single market when Britain leaves the bloc, which Angeloni said will require more cooperation between the ECB and British regulators, according to the Dec. 10 report.