Britain’s exit from the European Union: a French bank loses British approval – Economy

Lyonnaise de Banque, part of the Credit Mutuel group, missed the deadline to apply for a permanent license in the UK after Brexit. However, this was a conscious decision.

that United kingdom He revoked a French bank’s license to do business in the City of London after the bank decided not yet to grant a permanent license Britain’s exit from the European Union to apply.

the bad Lyonnais De Bancto me mutual creditGroup, the deadline to apply for permanent authorization in the UK has passed, and Financial Conduct Authority (FCA) in a statement on Wednesday. This is the first time that a company that falls under the so-called provisional admission has lost this status. However, the French company said in a statement that its UK operations are already being conducted through a different arm.

All business is done through the UK branch

The French bank said in an emailed statement that Credit Motuel and its subsidiary CIC conduct 100 percent of their operations in the UK through CIC London, its British arm that has had a presence in London for more than 127 years. Therefore, CIC Lyonnaise de Banque, a regional bank, decided not to renew its license application.

The licensing scheme is intended as a temporary measure to ensure that European companies that were operating in the UK before the end of the Brexit transition period in 2020 can continue to do business. The FCA said on Wednesday that if European companies do not apply for a permit by the end of the year, it will “take swift action to remove the permits.”