March 28, 2019 / 5:25 PM / 3 months ago

Mid-sized and smaller firms not prepared for Brexit: BNP Paribas chairman

FILE PHOTO: A double-decker bus passes by Union Jack flags displayed by pro-Brexit supporters outside the Houses of Parliament, following the Brexit votes the previous evening, in London, Britain, March 28, 2019. REUTERS/Hannah McKay

PARIS (Reuters) - Europe’s financial sector is prepared for Brexit, but that is not the case in the corporate sector with mid-sized and small firms, BNP Paribas chairman Jean Lemierre said on Thursday.

“The financial sector from my point of view ... stands ready, I have a doubt about the corporate sector,” Lemierre told a conference at the French central bank.

“Large companies are ready, they have contingency plans, they have created stocks of pharmaceutical products and so forth. Mid-sized and small companies are not ready and (there) will be whatever happens a disruption for them,” he added.

Reporting by Leigh Thomas; editing by John Irish

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