Brexit: Citigroup no longer relies on “equivalences”

Posted on Sep 29, 2021 at 8:15 amUpdated Sep 29, 2021, 8:21 AM

Nine months after Brexit, Citigroup no longer places any hope in establishing equivalency regimes in financial services between the UK and the European Union (EU). “We have been watching Brexit negotiations for five years now,” Leo Arduini, head of market activities for the American bank for Europe, the Middle East and Africa (EMEA), told Les Echos. Honestly, there is no sign of a big deal anytime soon. “

As part of the cooperation agreement signed on December 24, 2020, the two blocs had planned to negotiate by March 2021 a regulatory cooperation framework on financial services between London and Brussels. This framework was to implicitly pave the way for equivalences allowing financial institutions based in the United Kingdom to serve European clients while remaining based across the Channel. It still has not been signed. “We have moved on,” admits Leo Arduini. For him, the priority is to continue serving customers, but from the EU.

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