Barclays’ intention is to continue to provide our current product and service offering to EEA clients via BBI after Brexit. BBI received confirmation of its extended banking license in October 2018. There may also be instances where, due to the specifics of particular products and/or jurisdictions, certain EEA clients will continue to have a relationship with Barclays Bank PLC (BBPLC).
Preparing for Brexit
We're changing the way we structure our organisation to prepare for Brexit
Barclays' response to Brexit
As a leading, diversified, transatlantic bank with global reach, our European operations are integral to the strategic ambitions of Barclays International, which is comprised of our top tier Corporate and Investment Bank, our Global Barclaycard business and our Private Bank & Overseas Services. Following the UK’s decision to withdraw from the EU, we are preparing to take the necessary steps to preserve market access for our clients.
Our plans are centered around the expansion of our existing subsidiary Barclays Bank Ireland (BBI), which will become the legal entity serving clients in the European Economic Area (EEA), should Brexit result in a loss of relevant market access for the UK financial services industry. This is planned to occur ahead of the UK’s anticipated departure from the European Union (EU) in March 2019.
If you are a client and are affected by these changes, you will be contacted. This page is intended to support these interactions, and to provide information and tools to predominantly European (excluding the UK) clients of our Corporate Bank, Investment Bank, and Private Bank & Overseas Services businesses who are impacted by our plans and have been notified. Please note that the content of this website is being updated regularly to reflect new information for customers and clients of Barclays relating to the execution of our Brexit plans.
As part of our Brexit plans, we intend to transfer certain clients under Part VII of Financial Services and Markets Act 2000 (a “Part VII Transfer”). A Part VII transfer is a statutory transfer mechanism which allows the transfer of a large number of separate contracts via an English court order. We will be using the Part VII to transfer or duplicate contracts currently in place with Barclays Bank PLC (“BBPLC”) or Barclays Capital Securities Limited (“BCSL”) to BBI via court order rather than requiring you to sign new documentation. More detailed information about the Part VII transfer can be found here:
Our objective is to ensure that we preserve market access for our clients following the UK's decision to withdraw from the European Union. For our Corporate and Investment Banking clients, we will use a number of legal mechanisms to transfer and/or duplicate in scope contracts and business arrangements to BBI. These may include the Part VII Transfer, or we may use alternative legal transfer mechanisms where these would be more suitable. More detailed information about how we will transfer your documentation can be found here:
Barclays will use a Part VII banking business transfer (the Part VII) for our Private Banking clients. Under a Part VII, the existing contractual arrangements clients have with Barclays will be deemed to be automatically transferred and/or duplicated to BBI, so there should generally be no need to re-execute such arrangements or sign any new agreements, which is expected to reduce the legal execution burden associated with the transition to BBI.
We intend to limit contractual changes under Part VII to those amendments required to facilitate the client document migration to BBI.