Lloyd’s bank, the British financial institution that was responsible for the majority of the ppi claims cases in the UK and the bank that holds the largest reserve in order to compensate people from the mis-selling of PPI in the UK has confirmed to the media, that the bank will be setting-up a branch, which will be located somewhere inside the European Union. Lloyd’s said that the move was due to the UK’s exit from the European Union.
The Chief Executive of Lloyds, Inga Beale told the media gathered at the World Economic Forum in Davos, Switzerland, that the news this week that the UK government planned to press ahead with a ‘hard brexit’ strategy meant that the bank would be forced to activate a back-up plan that it had created, if the UK government decided to go ahead with a full and total exit from the European Union and the common market.
The Independent reported that Lloyds felt that due to Brexit, the bank would stand to lose critical contacts.
From the independent.co.uk
Ms Beale said on Friday that as a result of this, her business was going to lose crucial licensing.
“So we’re going to be setting up a subsidiary somewhere else in the EU – a country that we hope will remain in the EU—and that is how we are going to provide seamless coverage to our customers,” Ms Beale said.
Asked about which locations might come in question for the subsidiary, Ms Beale only said that Lloyds had so far ruled out Malta. She said that she hopes that a decision will be made by the end of the first quarter of the year.
Several top executives of major banks have this week indicated that Brexit could spur them to shift thousands of jobs out of the UK.