VW eyes banking licence post-brexit

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.