Luke MacGregor | Bloomberg | Getty Images
Pedestrians walk past the Bank of England (BOE) within the City of London, U.K.
The Bank of England will on Wednesday unveil plans to allow European banks to operate in UK as normal post-Brexit, even in a “no deal” scenario, the BBC reported.
European banks offering wholesale finance, money along with services provided to businesses along with each additional, might be able to continue operating through branches without having to go through the expensive process of creating subsidiaries, the BBC said, without citing sources.
The BOE could not immediately be reached for comment.
The BOE has come under pressure through bankers along with financial lobbyists to fast-track licensing of European banks of which want to continue doing business in London after Brexit to avoid cutting off customers along with disrupting markets.
Over a hundred banks in London, which are branches of lenders headquartered elsewhere within the EU, operate under EU “passporting” rules along with are uncertain whether they can still do business in Britain after This specific exits the bloc in March 2019.