In the aftermath of Brexit, several businesses are considering to relocate part of their operations outside of the UK due to regulatory requirements. Visa, the world’s largest credit and debit card issuer, could be next
Although no official decisions have been made yet, UK-based Visa jobs may find themselves forced to move to another EU country. This comes in light of an agreement made in the recent £17.5bn takeover of Visa’s European operations by its American sister company. The contract requires data from Visa Card transactions to not leave the EU but does not explicitly state that this would necessarily exclude the UK from hosting Visa’s data centres.
A Visa spokeswoman stated: "While we continue to monitor the situation carefully, it is premature to speculate on whether possible changes to the location of our data centres would make sense or be required."
Visa is believed to have more than 1000 employees in London, with hundreds of them engaged in data centre-related activities.German regulators are also expected to push for Visa’s UK based data centre operations to be shifted to Frankfurt once Britain leaves the trading bloc.
No decision on job relocations is likely to be made before the terms of the UK’s future trading arrangements with the EU are close to being finalised. A Visa spokesman said: "The process and timing for the UK leaving Europe remains unclear.