Ford has applied for German banking license due to Brexit: Frankfurter Allgemeine


FRANKFURT (Reuters) – U.S. carmaker Ford (F.N) has applied for a banking licence in Germany to ensure its car financing business can continue on the continent once Britain leaves the European Union, a German newspaper said. The application was filed with Germany’s financial watchdog BaFin last summer, Frankfurter Allgemeine Zeitung (FAZ) reported, adding Ford was looking to hire about a dozen extra staff as part of the expanded banking business. Ford’s car financing arm, Ford Credit Europe, is based in the southeast town of Warley in Britain, and handles leasing, loans and insurance for its customers across Europe, with one branch being located in Cologne. Should Britain leave the EU as planned, Europe’s banking supervision might no longer permit Ford to steer its car financing business on the continent out of Britain, the paper said. Ford spokespeople in Germany were not immediately available for comment. Reporting by Christoph Steitz; Editing by Elaine HardcastleOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters