Daily Management Review

VW to get a banking license in Britain


11/06/2017


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



pixabay
pixabay
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






Science & Technology

Chinese Study Claims Heart Diseases Can Be Reduced By Having An Egg A Day

Asteroid mining: Reality or fiction?

3D Printing Used For Life Saving Kidney Transplant In Two Year Old At U.K. NHS

California to require solar panels for new homes by 2020

Blockchain Enables De Beers To Track Diamond From The Miner To The Retailer

Microsoft releases Windows 10’s April 2018 Update

DNA Sequencing Project Proposed For All Complex Life Forms On Earth By An Int’l Team

Facebook may start production of its own microprocessors

Long-Term Alcohol Monitoring Could Be Possible With A New Injectable Chip Developed By U.S. Researchers

Sweden Now Has The First Electrified Road In The World

World Politics

World & Politics

The British government is trying to unblock money to pay off the national debt

Ministerial Visit From India To North Korea Aimed At Strengthening Ties

What countries are the biggest losers of Trump’s Iran decision?

World's Oldest Elected Prime Minister Is Malaysia’s 92 Year Old Mahathir Mohamad

Why Is U.S. Pulling Out Of The Iran Deal A Big Deal For The World

Merkel, Macron, May call on Iran to adhere to the nuclear deal

Arab Region Driven In ‘Wrong Direction’ In Last 10 Years, Say Arab Your: Survey

German doctors demand a tax on sugar