February 7, 2019, | AtoZ Markets – Against the background of the news about continuing Brexit debates, the UK High Court enabled the Swiss banking giant UBS to take out up to 32 billion euros (36.44 billion dollars) from the UK. UBS is not the first bank to request permission to transfer assets from the UK because of Brexit.
Court of England gives green light to the Swiss bank
According to a report by an international information organization, Judge of the High Court of England and Wales Alastair Norris enabled the Swiss multinational investment bank and financial services company to transfer assets from its British subsidiary to a German subsidiary in Frankfurt on March 1. Asset transfer occurs as UBS attempt to ensure the company will still have access to clients in the European Union as uncertainty surrounding Brexit continues.
UBS was founded in 1862 as the Bank in Winterthur alongside the advent of the Swiss banking industry. With the co-headquarters in Zürich and Basel, this financial institutions maintains a presence in all major financial centers as the largest Swiss banking.In its latest annual report, the bank stated that it would also consider transferring 200 from its approximately 5,000th London team to Frankfurt. The financial firm added that they plan to merge their London-based subsidiary with UBS Europe SE, based in Frankfurt.
UBS is not the first one
Barclays is another financial company that received a green light from the UK. Last week, the High Court of England and Wales allowed firm to transfer 190 billion euros (216.24 billion dollars) from the UK to an Irish subsidiary. The bank also announced that it would increase the number of employees in Dublin from 150 to 300. At the end of last year, the Royal Bank of Scotland also announced that it would transfer one third of its funds to an investment bank in the amount of about 13 billion pounds sterling. (16.84 billion dollars). branch in the Netherlands.
Special place in Hell for the Brexit promoters?
After the British parliamentarians rejected Prime Minister Theresa May’s plans in early January, the UK is likely to reach the March 29 deadline without an agreement with the EU. Since then tensions between the UK and the European body have increased. On Wednesday afternoon, The head of the European Council, Donald Tusk, once again stressed that the EU will not revise the Brexit agreement with Great Britain. He added that Ireland and the EU are preparing for no-deal Brexit although they still have weak hope for ratification of the existing British parliament. Dusk concluded his speech saying that he is “interested what a special place in hell looks like for those who promoted the Brexit without having any idea how this can be done ”
Think we missed something? Let us know in the comments section below.