Brexit Banks Must Pick EU Base by June, German Official Says
- Last-minute applications may not be processed in time, he says
- About 100 banks operating out of U.K. need EU licenses
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Banks that want to open or expand a base in the European Union after Brexit should apply for licenses by the end of June, according to Bundesbank Executive Board member Andreas Dombret.
Otherwise they may find it’s too late to have their applications processed, Dombret said in an interview at Bloomberg’s London headquarters on Thursday. Stability is the priority for financial supervisors as the U.K. gets closer to leaving the EU, meaning that decisions on location have to be taken early, he said. There may be about 100 banks currently operating out of the U.K. that need EU licenses, he said.