Volkswagen explores UK banking licence ahead of Brexit
The company confirmed comments to the Financial Times by David Maloney, chief executive of its UK financial services arm, that discussions were underway with the Prudential Regulation Authority. These may lead to an application.
"It would diversify our funding sources whilst helping to alleviate post-Brexit uncertainty and ensure we continue to provide lending products", Maloney told the FT.
Volkswagen`s loan book in the UK is worth 15 billion pounds, larger than any other carmaker`s in-house financing arm.
Prime Minister Theresa May has set a deadline for Britain to leave the European Union by March 2019. With negotiations dragging, concerns are growing of a "hard" Brexit that would leave little time for businesses to adjust.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.