Licences
Banks leaving it late to secure post-Brexit EU future
Just 20 banks apply for licence to operate in EU in time to receive approval before Britain leaves bloc
The European Central Bank has talked with 50 financial companies exploring options to retain the so-called passport that grants them access to one of the world's largest economies, said Pentti Hakkarainen, a member of its supervisory board.
Most of those hadn't submitted applications by the end of June, a deadline the watchdog said banks had to meet to be sure that they are processed by the time the UK leaves the EU next March. In fact only 20 banks submitted their applications in time.
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