In­vestec let­ter leaves de­posit door ajar

Sunday Independent (Ireland) - - Sunday Business - Fearghal O’Con­nor

WITH Bri­tain’s Brexit dead­line fast ap­proach­ing, the Ir­ish arm of South African bank In­vestec has left open the pos­si­bil­ity that it could change its mind about hand­ing back de­posits to its Ir­ish cus­tomers.

Last year the bank in- formed its al­most 10,000 Ir­ish re­tail and cor­po­rate de­posit cus­tomers that, be­cause it op­er­ates its de­posit busi­ness here un­der a UK bank­ing li­cence, it will no longer be able to hold a de­posit book in Ire­land.

The bank wrote to all of its Ir­ish de­pos­i­tors last week con­firm­ing that all de­posits held in their In­vestec ac­count — along with any per­for­mance re­turn — will be trans­ferred to them on March 8.

But in the let­ter to the bank’s Ir­ish de­positers — seen by the Sun­day In­de­pen­dent — the South African bank said that should the EU and UK agree and put in place “tran­si­tional ar­range­ments” prior to Fe­bru­ary 22, the bank might con­tinue to of­fer de­posit bank­ing ser­vices here.

It said it will write to cus­tomers again to out­line how this could change the sit­u­a­tion re­gard­ing their de­posit ac­count.

In­vestec’s cor­po­rate-fi­nance, wealth-man­age­ment, trea­sury, for­eign-ex­change and other spe­cial­ist bank­ing ser­vices will not be im­pacted by Brexit.

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