(Reuters) – Arbuthnot Banking Group said on Thursday it has drawn up plans to ensure uninterrupted payments for its customers in the European Union through the pan-European payments system SEPA, when Britain leaves the 28-member bloc.
“…the Group has tried to anticipate the risks that it may face if an economic shock arises as a result (of Brexit). It has also examined how business activities may be affected if free provision of services cross borders is prohibited,” Arbuthnot said in a statement.
The London-based lender also said it may no longer be able to provide financial advice to citizens in the EU after Britain’s exit.
The British financial sector, including banks, insurers and asset managers, has been ramping up preparation in anticipation of Brexit, with still no clarity on how or when the UK will leave the EU.
(Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur)