EAB SA - Brexit Update for EAB’s EU Branch Customers - February 2020
The UK formally left the EU on 31 January 2020 and has now entered into a transition period that will end on 31 December 2020 unless extended. After the end of the transition period, the UK is likely to lose its financial services passporting rights into the EU. In that scenario Europe Arab Bank plc (‘EAB plc’), as a UK bank, will face certain restrictions in providing banking services in the EU and may no longer operate branches in the EU.
As part of our forward planning for Brexit, last year we obtained authorisation for our new EU banking subsidiary in France, Europe Arab Bank SA (‘EAB SA’) to take over the branch business, liabilities and assets of EAB plc in Paris, Cannes, Frankfurt and Milan (the ‘Business Transfer’). To ensure our readiness to carry on offering EAB banking services in the EU beyond the post-Brexit transition period, EAB’s Board of Directors has formally approved plans to proceed with the Business Transfer on 31 March 2020. After that date, it is intended that the European branches of EAB plc will cease operating and the EU branch business of EAB will be carried on by EAB SA from the same addresses as currently.
We are providing further updates to our EU branch customers and other affected stakeholders as necessary.
We look forward to continuing to serve the needs of all our valued customers in the EU.
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
1] Europe Arab Bank SA (a wholly owned subsidiary of Europe Arab Bank plc and part of the Arab Bank Group), incorporated in France as a Société Anonyme with registered no. 844 842 278 R.C.S. Paris. Europe Arab Bank SA will be regulated by the Autorité de Contrôle Prudentiel et de Résolution.