According to the current political timeline, the UK is scheduled to leave the European Union on 31st October 2019. Please be assured that, irrespective of the Brexit outcome, Bank ABC will continue to serve your banking needs throughout Europe.
Bank ABC
Bank ABC, since its establishment some 27 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. |