Monday, October 24, 2016

Banks prepare to leave the United Kingdom – Terra Brasil

In the midst of uncertainty about Brexit, large international banks should leave London at the beginning of 2017, says president of association of the bank. According to him, small institutions would leave the country this year.Large international banks are required to leave the United Kingdom at the beginning of 2017, in the midst of uncertainty about the future relationship of the country with the European Union (EU) after the departure of the british, declared this Sunday (23/10) the president of the Association of British Bankers, Anthony Browne.

In an article published in The newspaper The Observer, Browne said that the smaller banks want to start to relocate to other european countries later this year, while the bigger ones have plans for the first quarter of 2017. “Your hands are trembling over the button ‘reallocate’”, he wrote.

According to the president of the association, the financial institutions do not know if you will be able to continue to offer their services around the Europe after the Uk to leave the economic bloc, probably in 2019. Therefore, they would be preparing for any eventuality.

“the majority of The international banks have teams working to analyze what operations they need to change the country to ensure that they can continue to serve customers, beyond the date that this should happen and what is the best way to do this,” said Browne.

There was speculation around the bank, Goldman Sachs, that could be among the entities that plan to transfer its approximately 2 thousand employees to another european city.

At the beginning of the text, Browne pointed out that the international banks with headquarters in the United Kingdom “keep the continent [european] afloat financially”, since we offer loans for a total of 1.2 trillion euros, the companies and the governments of the other countries of the economic bloc.

This way, the association president warned that “to establish barriers to trade and financial services will be detrimental” to all Europe. He said that the banking sector should be the most affected by Brexit, as it is the largest industry of export in the United Kingdom.

Some european politicians have been insisting in recent weeks that, finally in London opt for the so-called “Brexit hard” – with a radical break in relation to the European Union, including access to the single market, the Uk must pay the price of its output.

At the beginning of this month, the british prime minister, Theresa May, has announced that it will fire up to the end of march next year the Article 50 of the Lisbon Treaty, which lays down the rules for beginning the process of negotiating two years for a nation to exit the european block.



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