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Report: Germany wants UK banks to have transitional EU single market access

Germany said it wants the EU to let member governments offer U.K. banks access to the union's single market on a reciprocal basis during a transition period, Bloomberg News reported, citing a government strategy proposal from the country's finance ministry.

The proposal, which did not mention requiring U.K. banks to be headquartered in Europe and did not indicate a specific transitional period, suggests that the German government wants to remain open to the U.K.

The U.K. is scheduled to leave the EU in March 2019.