Germany hints that British banks need to hurry to obtain license.
Global Banking News-October 25, 2017--Germany hints that British banks need to hurry to obtain license
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Global Banking News - 25 October 2017
Felix Hufeld, the president of Germany's financial regulator, BaFin, has said that British banks looking to set up a hub in Germany would be treated on a 'first come, first served' basis.
The comments from the official hinted that banks looking to relocate from the UK need to do so before the Brexit deadline. Hufeld also hinted that Europe has to prepare for a hard Brexit.
He said, 'Negotiators have not made sufficient progress on the designated key separation issues. For the time being, we therefore have to assume that the UK will not be member of the common market or anything close to it following Brexit. There are only 18 months to go before that happens, possibly leading to a so-called cliff-edge situation.'
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