Following the UK Parliament’s approval of the EU Withdrawal Agreement, the UK formally leaves the European Union on 31 January 2020. However this Withdrawal Bill has a transition period until 31 December 2020, which means banks can continue to operate in Europe as they do now until that date.
Bank ABC in Europe
ABC International Bank PLC (“ABCIB”), trading as Bank ABC, acts as the European hub of the Bank ABC group. We support and facilitate trade and investment between Europe and the Middle East, North Africa & Turkey region. We serve our clients from our headquarters in 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 membership of the EU.
Implementation of Brexit Plans
Bank ABC has planned for Brexit in order to ensure continuity of service to clients. In this regard, we obtained approval from the European Central Bank for a banking licence to establish an EU subsidiary (of ABCIB), by upgrading our current branch in Paris. This licence will also include conversion of our 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 (using passporting) much as we do today across our European network.
The establishment of the new corporate structure is well progressed and we will transfer to operation of the new subsidiary later this year -prior to the end of the transition period. The exact date is yet to be finalised and we will contact you again in advance of this date.
Our objective is to keep any disruption to you to a minimum however your Relationship Manager will contact you should any 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 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.