Nordea and Brexit preparations
The United Kingdom left the European Union on 31 January 2020. The exit began a transition period that runs until the end of 2020. During this period the UK will continue to be part of the internal market and the customs union, and most practical matters will continue as before.
An agreement on the future trade relationship between the EU and the UK is under negotiation, aimed to take effect from January 2021. We note the reports in the media of challenges in the trade discussions but hope that an agreement will eventually be reached.
- Nordea’s home market covers Denmark, Finland, Norway and Sweden. The UK is a major trading partner for all these countries. It is therefore of great importance for the Nordic economies that Brexit does not result in any major trade barriers being created between the EU countries and the UK.
- Nordea considers the UK an important pool of financial expertise and capital for the European economy and we would want to ensure access to it also in the future.
- With our Brexit preparations we aim to minimise any future customer impacts and are well prepared for all scenarios for 2021, including the situation where no new trade deal is reached before the end of 2020.