Skip Ribbon Commands
Skip to main content
Brexit Update: Bank ABC in Europe
31/10/2019

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

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. 

Client Impact

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.

Announcements

Brexit Update: Bank ABC in Europe
MORE
Bank ABC Wins the Most Innovative Arab Bank of the Year Award
MORE
US$300 Million 3-year Syndicated Term Loan Facility for National Bank of Oman (S.A.O.G)
MORE