British Banks Could Lose Customers Due To Brexit
British banks may possibly mislay a good number of Europeans and domestic corporate customers in the upshot of Britain’s vote to depart or leave the European Union in June this year, due to Brexit.
According to the analysis from Greenwich Associates, about 39% to 40% of the European companies and almost 24% to 25% of UK companies by now have or are scheduling to relocate their banking business because of Brexit. Some European companies plan to move their business to bigger global banks of UK as the vote. The prime winners are the global banks. With about 20% of continental corporate planning. And scheduling to amplify business with these banks and UK corporate adage net impartial.
The Brexit referendum on 23rd of June, 2016 astounded financial markets, stoking up qualms about Britain’s exit on its own and Europe’s economies. A third of big European companies analyzed by Greenwich said. They expected Brexit’s short term brunt to be downbeat or very negative. The long-term view was grimmer with 45% of them believing Brexit will have a negative long-term impact. The firm said in a statement that these doubts are promoting companies to look for the way to protect businesses. Nearly half of the big British companies’ analysis and about one in three European companies reassessed their currency and interest rate prevaricating and hedging strategy. With foreign exchange exposure as their top short-term disquiet and concerns.
According to Reuters’s data, in early on July, the sterling pound tumbled to Dollar 1.2798. A 31 years stumpy against the dollar, owing to worries concerning about the repercussion from Brexit.