EU investment banks to keep ‘branch status’ post-Brexit
Bank of England to keep UK’s financial system open to foreign institutions after Britain leaves EU
The Bank of England (BoE) has thrown down the gauntlet to its EU counterparts, saying on Wednesday that it would keep the UK’s financial system open to foreign institutions after Brexit.
In a move to maintain London’s status as a global financial centre after Britain leaves the bloc, the BoE said on Wednesday that it would allow European-based investment banks that service the UK through their branches under an “EU passport” to apply for regulatory licences much like those enjoyed by their US or Japanese rivals.
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