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Ford looking to open German bank in H2'18

U.S.-based car manufacturer Ford Motor Co. is looking to open a bank in Germany in the second half after applying for a banking license with the country's market supervisory authority Bafin.

The bank would be a subsidiary of Ford Credit Europe Bank, the Warley, U.K.-based unit handling Ford's European financing operations, a spokesman said. The license application comes in light of the uncertainty over so-called EU passporting rights post-Brexit, he added.

However, the leasing, credit and insurance unit will retain its British license and headquarters, as well as its operations in the Czech Republic, Hungary and Switzerland, the spokesman noted, adding that the plan would not include job cuts or significant changes to where employees are currently based.