Brexit: Information to our customers
The United Kingdom and European Union are in negotiations regarding the UK’s leaving the EU (known as “Brexit”).
DNB is continuing to closely monitor proceedings in the UK and are still hopeful of a deal and a transitional period being agreed.
We are of course though planning on the basis of no deal being agreed and the consequential loss of the ability to provide regulated products and services under our EU ‘passport’ from DNB’s London Branch.
This planning from a customer perspective has broadly consisted of:
- an application to the PRA in the UK to register the London Branch as a ‘Third Country Branch’ to ensure we are authorised to operate in the UK. In any event, in the interim period we will benefit from the UK Temporary Permissions Regime so will continue to be fully authorised in the UK at all times; and
- a detailed analysis of the London Branch’s customer portfolio to determine precisely which products and services we will no longer be capable of providing from the UK in such a scenario (i.e. as a ‘Third Country Branch’ with no deal or transitional period being agreed).
Our high level conclusion following such analysis is that the impact of a no deal Brexit will be manageable, given we are well positioned to provide any products or services from our London, Oslo or Stockholm offices. The legal entity in either scenario would remain DNB Bank ASA.
Our assessment is that due to the UK Temporary Permissions Regime, the short-term consequences for products and services offered out of other jurisdiction into the UK will be limited from a customer point of view.
We will be in touch shortly with more information to the extent we have concluded that you will be impacted, but our contingency plan will likely be limited to providing you with additional contact details in either London, Oslo or Stockholm in respect of any product or service we are no longer able to offer due to Brexit.
To the extent you do have any specific questions or concerns around Brexit planning and your relationship with DNB though, please do not hesitate to contact your usual relationship team.
