Citigroup is set to launch a new UK bank, headquartered in London, for its UK consumer banking business as part of its Brexit contingency planning.
The business was previously managed through Citibank Europe, based in Ireland.
The operations are expected to be moved to the new bank by March next year, subject to regulatory nod, reported Reuters.
The transfer would include British consumer accounts, services as well as investments, the report said.
“The creation of Citibank UK Limited will enable us to continue to service our Citigold and other UK consumer clients in the full range of post-Brexit legal and regulatory scenarios,” a bank spokeswoman was quoted as saying by the news agency.
A year ago, Citi unveiled plans to base its EU trading operations in Frankfurt in response to Brexit.
Last month, the bank, alongside JPMorgan and Barclays, also stated that it plans to move only 150 roles out of London immediately after Britain’s departure from the European Union bloc. The figure is significantly less than the original prediction of thousands of job transfers.