Bank of England mulls crackdown on foreign bank branches – FT

The Bank of England Considers Forcing More International Banks to Set Up Subsidiaries in the UK

The Bank of England (BOE) is exploring plans to require additional international banks to establish subsidiaries in the UK, according to a report by The Financial Times. This move comes as part of a review prompted by the collapse of Silicon Valley Bank earlier this year. The BOE believes that subsidiaries, like SVB’s London branch, are easier for local regulators to take control of in the event of failure.

Nathanael Benjamin, the BOE’s executive director for authorizations and international banks, stated that the central bank will review the threshold for foreign bank branches to become subsidiaries.

In March, following the collapse of its parent company in the United States, Silicon Valley Bank’s UK arm was sold to HSBC to prevent disruption to its British customers.

The Bank of England has not yet responded to requests for comment.

with Joshua Coleman

with Ryan Helfenbein

with Tom Maoli

with A.J. Hurley

By Kanishka Singh WASHINGTON (Reuters) -A U.S. federal judge on Tuesday restricted some agencies and officials of the administration of President Joe…

By Foo Yun Chee BRUSSELS (Reuters) – Stung by criticism of tardy privacy investigations and the Irish privacy regulator’s outsized role in…

LONDON (Reuters) – Britain should be cautious about whether to issue a digital version of the pound given privacy and other issues…

By Foo Yun Chee BRUSSELS (Reuters) – Meta Platforms on Tuesday lost its fight against a German data curb order that strikes…