The Bank of England is expected to reassure European banks that they will not have to open new subsidiaries to operate here Stefan Rousseau/PAEuropean investment banks that have made their home in the City will not have to set up new subsidiaries post-Brexit under a concession expected by the Bank of England this afternoon. The Bank is expected to announce this afternoon that European lenders running trading businesses out of London will be able to continue using their current branches and will not need to establish British subsidiaries, which would be very expensive. The apparent concession marks an important move to reassure the City that it will be business as usual after Brexit and that the authorities intend to make it as easy as possible for foreign firms to operate, according to unnamed sources cited by the BBC. Catherine McGuinness, policy chairwoman of the City of London Corporation,…

Source: The Times December 20, 2017 12:33 UTC