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ECB Says a Dozen Banks Are Pushing Post-Brexit Expansion in EU

Banks have started making concrete steps to expand their operations to the euro area ahead of Brexit.

“So far, eight banks have already taken formal steps to seek a new licence,” Sabine Lautenschlaeger, vice chair of the European Central Bank’s oversight arm, said in a press conference in Frankfurt on Wednesday. “Four other banks are planning to significantly extend their activities in the euro area.”