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Italy's FinecoBank closes in Britain, citing Brexit fallout

Reuters
·1-min read

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."

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)