February 20, 2018 / 2:26 PM / a month ago

Ford aims to set up German bank this year to offset any Brexit risk

LONDON, Feb 20 (Reuters) - Ford said on Tuesday it hopes to set up a bank in Germany in the second half of the year after applying for a licence in the country as part of its strategy to mitigate any risk from Britain leaving the European Union.

Ford Credit Europe (FCE) would retain its licence in Britain but applied for a German equivalent last year because the future of passporting, which allows for any financial firm to serve the whole EU region from a single base, is uncertain after Brexit.

“We anticipate that the German bank will be established in the second half of 2018,” said a spokesman.

“Any reorganisation of FCE’s business involving finance companies depends on the outcome of Brexit negotiations.”

FCE said it would keep its headquarters in Britain and that the plan would not include job losses or significant changes to where employees are based. (Reporting by Costas Pitas; editing by Stephen Addison)

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