As part of its planning to ensure continuity of service provision to clients in the European Economic Area outside the United Kingdom (EEA), and in response to the proposed withdrawal of the United Kingdom from the European Union, the Barclays Group is applying to the Court to sanction a banking business transfer under Part VII of the Financial Services and Markets Act 2000 (the Scheme).
The client-facing businesses to be transferred to BBI by BBPLC are limited to the provision of certain products to certain EEA clients by BBPLC in London and to the provision of certain products to clients of BBPLC who transact with the branches of BBPLC in France, Germany, Italy or Spain. The products to be transferred are limited to those provided by certain existing businesses as follows:
a) as regards the corporate banking business: certain deposits, trade and working capital products, cash management products and corporate debt products;
b) as regards the investment banking business: certain derivatives transactions, repurchase transactions, securities lending transactions, secondary loans (trading) transactions, Schuldscheine (tradeable bilateral loans) and Namensschuldverschreibung (German registered notes); and
c) as regards the private banking and wealth businesses: certain deposits, banking and credit products and investment products.
The full notice is available at https://www.home.barclays/content/dam/barclayspublic/docs/AboutUs/Brexit/Scheme%20Summary.pdf