The board of Italy’s FinecoBank recommended the closure of the company’s operations in Britain on Friday due to regulatory challenges brought on by the nation’s exit from the European Union.
The lender, which specializes in online brokerage, has been conducting business in Britain from its Italian headquarters under a temporary arrangement that will terminate in December of this year, according to a statement it released.
The decision to leave the nation “is driven by the significant change in the regulatory landscape in the UK, after its exit from the European Union,” the statement added.
“In the new context, it would not have been possible anymore to maintain a capital-light business model leveraging on Fineco Italian infrastructure.”
The company’s UK operations will be shut down “gradually without causing any harm to the clients and with no appreciable effect on the numbers of the Bank,” it added.
