UK banks must hurry to apply for business licence in EU after Brexit: ECB

It says not to take too much time as obtaining a licence is time-consuming process

UK banks should hurry up to apply for a licence in the European Union, ensuring that they can still do business in the bloc even after Brexit, a top European Central Bank supervisor said on Tuesday.

"My message today to the banks is quite simple: the clock is ticking," Sabine Lautenschläger, the ECB board member in charge of banking supervision, told a financial conference in London.

"Obtaining a licence takes some time, so don't put off applying for one for too long."