Banks Planning Exit Operations Out Of UK

The withdrawing process of United Kingdom from European Union is yet to be initiated and amid the uncertainty situation couple of large banks have announced to be relocating out of the country by 2017 over fears around Brexit.

British Bankers’ Association (BBA) boss Anthony Browne further said some of the smaller banks too could move their operations overseas by next year.

Writing in The Observer he said most of the banks had earlier backed UK to remain in the EU bloc and now, after the referendum in July, are quivering their hands over relocate button.

At the BBA annual conference held last week Browne commented banks have already set up project teams at their end who will work out what operations could be shifted overseas and how best to carry on the exit process.

He said, “Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications.”

The boss added banking is the biggest export industry in UK and is more internationally mobile. However, the banks too got its rules and legal rights to serve customers cross-border from EU.

Earlier, British Prime Minister Theresa May briefed to the media in Brussels amid EU Summit she will continue to work closely with the European Union even after Brexit.

May said united European stance is important compared to have Russian aggression that includes sickening Syrian violence.

The PM added she will continue to play a good role in the EU until Brexit process is completed.