January 17, 2019 / 4:02 PM / a month ago

Lloyds secures Berlin bank licence as part of Brexit preparations -source

LONDON, Jan 17 (Reuters) - Lloyds Banking Group has secured a banking licence for its new Berlin-based subsidiary, a source familiar with the matter told Reuters, as part of long-standing plans to Brexit-proof its business with European Union clients.

Until now, the lender’s Berlin office has run on a standard passporting licence that Lloyds - and other British lenders with customers in the EU - stand to lose when Britain is due to exit on March 29.

With just 71 days to go until that date, Britain’s banks are forging on with plans to ensure they can keep serving customers in the EU if political stalemate over the withdrawal agreement sees Britain crash out without a deal. (Reporting By Sinead Cruise and Lawrence White Editing by Rachel Armstrong)

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