(MENAFN) The Bank of England is expected to declare plans on Wednesday to permit European banks to operate in the UK as normal post-Brexit, including in a "no deal" scenario.

European banks which offer wholesale finance, money and services provided to businesses and each other, can continue operating through branches without having to deal with the expensive process of creating subsidiaries.

The BoE has been pressured from bankers and financial lobbyists to go faster with licensing of European banks that want to continue operating in London after Brexit to avoid losing customers and disrupting markets.


More than 100 banks in London, which are branches of lenders headquartered elsewhere in the EU, operate under EU "passporting" rules and are unsure whether they can still operate in Britain after it exits the bloc in March 2019.

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