Global Banks Said to Seek Brexit Deal to Keep Status Quo
- Plan would look to safeguard passporting rights for banks
- A short timeframe for exit could spark exodus, PwC’s Gray says
Maisonneuve: London Likely Loses on Margin From Brexit
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The world’s biggest banks are pressing U.K. Prime Minister Theresa May to strike an interim agreement with the European Union for financial companies before formal exit talks start, according to two people with knowledge of the matter.
An interim agreement would seek to preserve passporting, the ability of banks to freely sell services and products across the EU, beyond the end of two years of official negotiations, said the people who asked not to be identified because the matter is private. The gambit may prove unrealistic because European leaders including German Chancellor Angela Merkel have repeatedly said they won’t engage in informal talks.