Ford approved for German banking

According to Reuters, the European Central Bank has approved Ford’s application to start a bank in Germany as part of their plan to ease any risk from Brexit.

‘The European Central Bank has approved Ford Credit Europe (FCE) Bank’s application for a banking license in Germany. We expect to establish this bank in the second half 2018,’ a spokesman told Reuters.

FCE wanted a German banking licence to solidify their ability to bank within the EU after the UK leaves. The new license will still run along side there British one.

The FCE headquarters will remain in Britain and will not result in any job losses or substantial changes to employee’s location.