07 Jan 2019
British digital lender Starling Bank has announced plans to begin operations in France and Germany ahead of Brexit, according to a report by news agency Press Association.
The bank had also unveiled plans of creating a subsidiary in Ireland before Brexit takes place on 29 March, Verdict reports.
According to the Press Association agency, Starling Bank chief executive Anne Boden said, “It’s no secret that Brexit is a major cause of uncertainty for everyone. We’re putting contingency plans in place to ensure that normal service to customers is not interrupted.
“Starling is targeting expansion in Ireland, where we will establish a subsidiary. Subsequently, we will target the French and German markets.”
The bank’s objective is to protect its single euro payments area licence which allows it to manage direct transfers and payments across the EU. However, if a no-deal Brexit were to take place, this licence will no longer be valid.
Starling Bank, which was founded in 2014, offers current accounts, business banking and payments services to clients. Its banking licence was obtained from the Financial Conduct Authority in July 2016.