Following a referendum in June 2016, the UK is
scheduled to leave the European Union on a date yet to be agreed between the UK
Parliament and the remaining EU members. Please be assured that Bank ABC
will continue to serve your banking needs throughout Europe.
Bank ABC, since its establishment some 28 years
ago, has been an integral part of the Bank ABC Group, acting as the Group’s
European hub supporting and facilitating trade and investment between Europe
and the Middle East, North Africa & Turkey region. Bank ABC serves
clients from London and via branches in Paris, Milan and Frankfurt and a
representative office in Istanbul. In common with most international
banks, we currently use the ‘passporting’ mechanism to operate this network,
benefitting from the UK’s current membership of the EU.
Implementation of Brexit Contingency Plans
Bank ABC has undertaken contingency planning for
the possible outcomes of Brexit in order to ensure continuity of service to
clients. In this regard, we have received approval for a banking licence
to upgrade the current branch in Paris to an EU subsidiary of Bank ABC.
This application also includes conversion of Bank ABC’s existing branches
in Frankfurt and Milan to be branches of the new EU subsidiary. Once
established, this new entity (continuing to trade as Bank ABC) will enable the
bank to operate much as we do today across the bank’s European network.
The establishment of the new corporate structure is
well progressed and our current plans mean that we will be ready to implement
quickly once we agree a date to transfer to the new entity. We will continue to
closely monitor political developments and will contact you again once we have
finalised a transfer date.
Our objective is to keep any disruption to you to a
minimum and your Relationship Manager will contact you should any operational
changes be required.
In the interim please contact your Relationship
Manager if you have specific queries or concerns. You can also email us
at Brexit@Bank-ABC.com for
more general queries.
We will update this message once the terms of the
UK’s departure from the EU are clearer. In the meantime, we would like to thank
you for your continued support as a valued client of the bank and to assure you
that Bank ABC remains fully committed to serving your needs in Europe.