By Reuters Personnel 2 Min Read FILE PICTURE: A BNP Paribas logo is seen outside a bank office in Nantes, France, July 16, 2020. REUTERS/Stephane Mahe
PARIS (Reuters) – French bank BNP Paribas BNPP.PA said on Friday it was developing 400 tasks in continental Europe due to Britain’s exit from the European Union, which it has taken all steps needed by regulators to continue to run in the United Kingdom.Britain’s vote to
leave the EU has actually forced banks to take a look at where to base their operations, considered that the system of unconfined market access they have actually enjoyed on both sides of the English Channel, called passporting, will end.A Brexit shift period runs
out at the end of the year, and details of the future relationship in between Britain and EU have actually not yet been agreed. “Selling monetary services from the
UK to EU customers will not be permitted,”the bank said in a news release while reporting quarterly outcomes. “In the UK, the front workplace roles, generally sales positions, and their associated set-up positions are impacted by these measures”. BNP stated some 400 brand-new positions were being created
in Europe, of which 160 were in the front workplace and 240 in assistance functions. Since the end-June, 260 of those positions have actually been used up, it added.It did not offer information of where those brand-new positions were based,
or point out any corresponding job losses in London.”The group is currently gotten ready for completion of the Brexit shift period in December 2020, “it said.Reporting by Maya Nikolaeva; Modifying by Alex Richardson Our Standards: The Thomson Reuters Trust Principles.