7 November 2019
Europe Arab Bank plc (EAB) – Brexit Update
Following the referendum in 2016, the United Kingdom is due to withdraw from the European Union (EU). Recently, the European Council agreed to defer the withdrawal date to 31 January 2020 or potentially earlier if the new Withdrawal Agreement is ratified by the EU and the UK before that date.
Currently a ‘no deal’ Brexit on 31 January 2020 is a possible, if perhaps unlikely, scenario. In such a scenario, the UK would lose its financial services passporting rights into the EU and EAB may face restrictions in providing certain services in the European Economic Area (EEA) after 31 January 2020. EAB’s priority is to ensure that we can continue to provide our clients with reliable banking services without disruption due to Brexit. We have therefore put in place the contingency planning described below.
EAB’s Brexit contingency planning
EAB’s contingency planning for Brexit includes maintaining a state of readiness for the transfer of EAB’s business in its branches in Paris, Frankfurt and Milan to a newly established banking subsidiary in France (‘EAB SA’), if and when such a transfer becomes necessary to maintain the provision of our banking services in the EU post-Brexit. EAB SA will in principle will be able to provide the same services, and from the same locations, as those by EAB currently in the EU.
Our current plans enable us to be ready to implement the transfer of business quickly if required. We will continue to closely monitor political developments and will provide further updates to our European branch customers and other affected stakeholders as necessary. Your Relationship Manager will contact you should any changes be required.
In the meantime, we would like to thank you for your continued support.
For any immediate enquiries, please contact your Relationship Manager or use the ‘Contact Us’ link in the top right corner to access the message form.