UK Economics

Project fear DESTROYED: French bank boss insists Brexit WON’T ‘negatively’ impact UK banks

A CHIEF Finance Officer for a French bank has slammed the Bank of England’s latest claim and insisted that Brexit will not have a negative effect on European banks.

The Bank of England said this week that Britain will lose 75,000 finance jobs when it leaves the  in March 2019.BNP Paribas CFO Lars Machenil said that banks must monitor Brexit talks closely and see how the negotiations progress.

Despite  fears, BNP has partnered up with a real estate company in the UK to work on expanding its presence in the real estate market.

Appearing on CNBC, Mr Machenil said: “We are a Pan-European bank and we are based in the UK to serve the UK customers.

Brexit News Latest Brexit London Bank of EnglandCNBC/Getty

BNP Paribas CFO Lars Machenil said that he does not believe Brexit will impact banks negatively

“So we keep on developing this kind of business and that’s what we will continue to do.”Mr Machenil said that it is “too early to say” how the bank will approach  if it results in a ‘no deal’ scenario.

The CFO said: “I don’t see how that will evolve negatively. If it does, we’ll have to reflect on it. But if not, we continue our business as we do.”

The Bank of England’s latest claim contradicts comments made by Deputy BoE Governor Sam Woods earlier this month.

Mr Woods told Reuters that 10,000 jobs would be a ‘reasonable’ number of financial jobs that may be lost following .Global banks HSBC and UBS have both said they each expect less than 1,000 jobs to go.

HSBC’s finance director Iain Mackay told reporters: “It may be less than 1,000 employees, but it’s up to 1,000.”

The Bank of England also warned last month that trade talks with the  must begin by December or banks will trigger their contingency plans.

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