N26: Pulls out of UK ‘over Brexit’

0
71
N26: Pulls out of UK ‘over Brexit’

N26: German challenger bank, decided to pull its operations out of the UK and has cited Brexit as the reason

  • Existing UK accounts will closed on 15 April 2020
  • Operating under “passporting” rules in the UK since October 2018 after the country’s EU referendum, N26 has never applied for a UK banking licence
  • Without one now, post-Brexit, the challenger can no longer do business in the UK
  • The bank cites “complex regulatory measures” and costs as reasons for its UK exit
  • Until the April deadline, customers’ money will protected up to the equivalent of €100,000
  • The Dutch neobank launched in the UK last October, and only operates euro accounts