EU Companies to Move Away From U.K. Banks on Brexit, Survey Says
- Greenwich Associates survey shows 28% plan to reduce business
- Over half of EU firms expect banks in U.K. to lose passporting
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More than a quarter of European companies plan to reduce the amount of business they do with U.K. banks after Britain exits the European Union, according to a survey by Greenwich Associates.
Twenty-eight percent of companies on the continent are planning to move away from British banks, with 20 percent shifting business to global lenders, the financial services consulting firm said Tuesday, citing responses from 63 European and U.K. corporations. About 8 percent of U.K. companies will increase the amount of commerce they conduct with domestic lenders, according to the survey.