Lloyds Banking Group has received a banking licence in Germany that will give it access to the EU market post-Brexit, Reuters reported quoting unnamed sources.
According to the report, the lender has secured the licence for its Berlin office, which operated on a standard passporting licence. The standard licence may lose validity, once the UK leaves the EU.
Lloyds new bank licence details:
Lloyds took over the Berlin office as a part of its HBOS acquisition carried out in January 2009.
With nearly 300 staff, Lloyds Berlin office provides retail and corporate banking services in Europe.
The British lender is yet to receive approvals from Frankfurt and Luxembourg for the office. However, the source told the news agency that it is expected to receive all pending regulatory approvals before the Brexit, scheduled on 29 March this year.
Most of the UK-based banks have undertaken a series of initiatives to continue serving their EU customers owing to increasing possibilities of a no-deal Brexit.
Another British lender RBS has also stepped up efforts to secure banking licence in Germany. Reuters reported that RBS chairman Howard Davies was in Frankfurt this week to discuss the licencing process with German regulator Bafin.
Last month, the European Commission also advised the British banks and insurance companies to relocate to the continental Europe on the context of the UK leaving the EU without a proper deal.