20 banks make EU bid

JUst 20 banks are seeking a licence to do business on the Continent after Brexit, Brussels bureaucrats say.

daniele nouy of the European Union’s single supervisory mechanism said Brexit was a ‘very sad’ decision that had caused extra work for eurozone regulators.

Banks have warned of disruption and roles will have to leave London so they can carry on serving clients. international lenders have mounted a frantic lobbying effort to minimise changes, fearing profits might suffer.

Asked how many Citybased lenders are mulling over a European banking licence, nouy replied: ‘it’s about 20. they have made a pretty comprehensive application that can be formalised very fast.’