British banks will close customer accounts in the EU

British banks will close customer accounts in the EU

British banks will close customer accounts in the EU

British banks will not be able to serve Britons living and working in the European Union. The largest financial institutions in the kingdom are sending thousands of notifications to their compatriots that they will lose their accounts in the coming weeks.

December 31 will end the transition period of “Brexit”, and British banks will lose their pan-European license – the right to provide financial services on the continent. In particular, this fact has already been confirmed by the National Bank of the Netherlands.

The format of the new relations between Great Britain and the European Union is still not defined. If the situation does not change, banks will have to negotiate with each EU state separately. In some countries, the customer base is too small to pay off.

At the same time, London, in contrast to the EU, has already adopted a decree according to which European banks will be able to freely continue their work in the kingdom.

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