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Ford Applies for Banking License in Germany as Brexit Hedge
Ford Motor Co. says its U.K.-based European financing unit has applied for a banking license in Germany to ensure continued operations after Britain leaves the European Union in March 2019.
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Ford Motor Co. says its U.K.-based European financing unit has applied for a banking license in Germany to ensure continued operations after Britain leaves the European Union in March 2019.
Ford Credit Europe is based in Warley, England, and has a branch in Cologne. The unit provides retail financing and insurance for Ford dealers and customers across the region.
But Ford is worried that EU banking rules might bar it from operating from the U.K. after Britain’s exit, the Frankfurter Allgemeine Zeitung reports. The newspaper says Ford’s application was submitted to BaFin, the German government’s financial regulatory authority, last summer.
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