Daily Management Review

VW to get a banking license in Britain


Volkswagen is studying a possibility of applying for a full banking license in the UK, writes Reuters.

The company wants to be able to continue to offer car loans after Britain leaves the European Union, according to a statement by the German automaker.

The company confirmed comments made by David Maloney, executive director of the financial service of the British automaker division, that negotiations with the Prudential Regulation Department are under way. This can lead to the acceptance of the company's application.

"This would diversify our sources of funding, helping to ease the uncertainty after Brexit and ensure that further credit is available," Maloney said in an interview with the FT.

Volkswagen's loan portfolio in the UK reaches 15 billion pounds, which exceeds that of any other financial division of the automaker.

British Prime Minister Theresa May set a deadline for Britain to withdraw from the European Union in March 2019. The talks between the UK and the European Union have already raised concerns that the country will leave the bloc without any agreement (hard Brexit) that will leave business little time to adapt to the new conditions.

source: ft.com

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