French bank BNP Paribas said on Friday it was creating 400 jobs in continental Europe due to Britain's exit from the European Union, and that it has taken all measures required by regulators to continue to operate in the United Kingdom.
FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Nantes, France, July 16, 2020. REUTERS/Stephane Mahe
Britain’s vote to leave the EU has forced banks to examine where to base their operations, given that the system of unfettered market access they have enjoyed on both sides of the English Channel, known as passporting, will end. “Selling financial services from the UK to EU clients will not be allowed,” the bank said in a press release while reporting quarterly results. “In the UK, the front office roles, mainly sales positions, and their associated set-up positions are impacted by these measures”.
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