As you are aware, the UK is scheduled to leave the European Union on 29th March 2019. Therefore we are writing to assure you that, irrespective of the Brexit outcome, Bank ABC will continue to serve your banking needs throughout Europe.
Bank ABC, since its establishment some 27 years ago, has been an integral part of the Bank ABC Group, acting as the Group’s European hub supporting and facilitating trade and investment between Europe and the Middle East, North Africa & Turkey region. Bank ABC serves clients through a network of branches in Paris, Milan and Frankfurt and a representative office in Istanbul. In common with most international banks, we currently use the ‘passporting’ mechanism to operate this network, benefitting from the UK’s current membership of the EU.
Implementation of Brexit Contingency Plans
Bank ABC has undertaken contingency planning for the possible outcomes of Brexit in order to ensure continuity of service to clients – irrespective of the Brexit outcome. In this regard, we have applied for a banking licence to upgrade the current branch in Paris to an EU subsidiary of Bank ABC. This application also included conversion of Bank ABC’s existing branches in Frankfurt and Milan to be branches of the new EU subsidiary. Once established, this new entity (continuing to trade as Bank ABC) will enable the bank to operate much as we do today across the bank’s European network.
The establishment of the new corporate structure is in progress and our current plans mean that it will be open for business from 29th March 2019 if required. Should a legally binding transitional period be agreed (which could continue current arrangements to December 2020), we may extend this timetable in consultation with the French regulator.
Our objective is to keep any disruption to you to a minimum as we do not intend to make any changes to our business model or relationship management structure. Your Relationship Manager will continue to serve your needs as he/she does today and will contact you should any operational changes be required.
In the interim please contact your Relationship Manager if you have specific queries or concerns. You can also email us at Brexit@Bank-ABC.com for more general queries.
We will write to you again once the terms of the UK’s departure from the EU are clearer. In the meantime, we would like to thank you for your continued support as a valued client of the Bank and to assure you that Bank ABC remains fully committed to serving your needs in Europe.