14th Feb 2017 16:49
LONDON (Alliance News) - Lloyds Banking Group PLC is close to choosing Berlin as the site of its subsidiary in the European Union following Brexit, Reuters reported on Monday.
Citing unnamed sources, Reuters said Lloyds is looking at the steps needed for its branch in Berlin to become a subsidiary and may apply for a licence later this year.
Lloyds operates in the German capital under the Bank of Scotland brand, and already has the finance, risk and human resources staff required for a subsidiary in place, according to Reuters. Other options examined include Frankfurt and Amsterdam.
Lloyds is the only major British retail bank without a subsidiary in another EU country.
Shares in Lloyds closed up 1.0% at 66.49 pence Tuesday.
http://uk.reuters.com/article/uk-britain-eu-lloyds-banking-idUKKBN15S20H
By Adam Clark; [email protected]
Copyright 2017 Alliance News Limited. All Rights Reserved.
Related Shares:
Lloyds