Italy's FinecoBank has announced plans to exit the UK market.
The lender said in a memo it had taken the decision due to a “significant change in the regulatory environment” post-Brexit.
Fineco explained that it has been operating in Britain from its Italian headquarters under a temporary framework which will no longer be allowed after December this year.
"In the new context, it would not have been possible anymore to maintain a capital light business model leveraging on Fineco Italian infrastructure," the bank said.
Fineco added that the winding down of its UK operations would be "gradual without any disservice to the clients and with no material impact on the numbers of the Bank”.
In May, FinecoBank reduced its guidance for net financial income this year, with chief exec Alessandro Foti telling analysts that the bank expects customer deposits to drop by €2 billion in 2023.
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