Skip to content
Subscriber Only

Banks Leaving It Late to Secure Post-Brexit EU Future

  • Only 20 of the 50 banks that discussed EU license have applied
  • ECB supervisory board member Hakkarainen speaks in interview
Video player cover image
Bloomberg’s Nicholas Comfort reports on banks’ applications for licenses to operate in the post-Brexit EU.Source: Bloomberg

Just 20 banks have applied for a license to operate in the European Union in time to receive approval before Britain leaves the 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 U.K. leaves the EU next March.