Banks need extra three years for Brexit transition

摘要

Banks need a transition period of three years to adapt to Britain's exit from the European Union, in addition to the two years of formal negotiations, a report on capital markets said. Banks will need the extra time to change their legal structures, put in place strategic solutions to service clients in the long term and to facilitate an orderly transition, according to the report by PwC for the ASSOCIATION OF FINANCIAL MARKETS IN EUROPE (AFME), released last week.