PRA Sets Out Its Approach Towards Non-EEA Branches

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On October 17, the PRA published a speech given by Andrew Baily, Deputy Governor of the Bank of England, which sets out the PRA’s approach towards non-EEA branches. In particular, the PRA intends to let Chinese banks open branches in the UK, part of a wider policy of liberalization.

The PRA tempered this, however, by adding that it does not intend to allow non-EEA branches to undertake critical retail banking functions, such as taking deposits, beyond de minimis levels without a satisfactory reason and high level of assurance, stating that such banks should be limited to wholesale banking. Speech.

 

Topics:  Bank of England, China, EU, Foreign Banks, UK

Published In: Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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