Advertisement
UK markets open in 59 minutes
  • NIKKEI 225

    39,203.48
    -390.91 (-0.99%)
     
  • HANG SENG

    17,350.05
    -119.31 (-0.68%)
     
  • CRUDE OIL

    77.14
    +0.18 (+0.23%)
     
  • GOLD FUTURES

    2,416.90
    +9.60 (+0.40%)
     
  • DOW

    40,358.09
    -57.35 (-0.14%)
     
  • Bitcoin GBP

    51,038.44
    -487.94 (-0.95%)
     
  • CMC Crypto 200

    1,356.65
    -9.24 (-0.68%)
     
  • NASDAQ Composite

    17,997.35
    -10.22 (-0.06%)
     
  • UK FTSE All Share

    4,479.49
    -15.97 (-0.36%)
     

Italy's FinecoBank closes in Britain, citing Brexit fallout

ROME (Reuters) - Italy's FinecoBank said on Friday its board had approved the closure of its business in Britain due to regulatory difficulties following the country's exit from the European Union.

The lender that specialises in online brokerage has been operating in Britain from its Italian headquarters under a temporary framework which will no longer be allowed after December this year, it said in a statement.

The decision to quit the country "is driven by the significant change in the regulatory landscape in the UK, after its exit from the European Union," it said.

"In the new context, it would not have been possible anymore to maintain a capital light business model leveraging on Fineco Italian infrastructure."

ADVERTISEMENT

The closure of its UK business will be "gradual without any disservice to the clients and with no material impact on the numbers of the Bank," it added.

(Reporting By Gavin Jones, editing Federico Maccioni)