(Finance) – The Board of Directors of FinecoBank has decided to close its business in the British market.
This decision – explains a note from the bank – follows the significant change in the regulatory context in the United Kingdom following its exit from the European Union. In the new context, it would no longer be possible to maintain a capital light business model, leveraging Fineco’s Italian infrastructure.
The Bank currently provides all its services in the United Kingdom from its Italian headquarters, within a regulatory framework known as the “Temporary Regime”, permitted until December 2023. This model has allowed it to maintain a simple and efficient structure: a no longer viable as regulatory developments require a physical presence in the UK.
The closure of operations in the UK will be gradual without any disruption to customers and without material impact on the Bank’s numbers.