VW eyes bank­ing li­cence post-brexit

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THE Volk­swa­gen Group is in dis­cus­sions with the Bank of Eng­land to se­cure a UK bank­ing li­cence so that it can con­tinue to offer PCP and other fi­nance deals af­ter Brexit.

Volk­swa­gen Fi­nan­cial Ser­vices is the largest car fi­nance provider in the UK, and cur­rently op­er­ates un­der a Ger­man bank­ing li­cence thanks to the EU ‘pass­port­ing’ sys­tem.

Once the UK leaves the EU, a Euro­pean bank­ing li­cence could bring with it trade re­stric­tions and lim­i­ta­tions.

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