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Report: BoE plans to let EU banks operate in UK as normal post-Brexit


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Report: BoE plans to let EU banks operate in UK as normal post-Brexit

The Bank of England will present plans Dec. 20 allowing European banks to operate in the U.K. as normal post-Brexit even with a "no deal" scenario, the BBC reported Dec. 20.

European banks, operating through branches, can continue to provide wholesale finance, money and services to businesses and to each other, without having to create subsidiaries, the BBC said.

This would apply even if no agreement is in place when Britain leaves the bloc in March 2019, the report added.

More than 100 banks in London serve as branches for lenders with headquarters in other EU locations, but with Brexit and tough talks ahead, there has been uncertainty about whether they could still do business in Britain, a Reuters report added Dec. 20.

The BoE could not be reached for comment, Reuters reported.

Branches allow banks to offer an easy way for banks to move money around their international operations, but changing from a branch to a subsidiary could cost billions for a bank, the BBC reported.